The invention relates to the field of insulation materials, in particular to a silane cross-linked polyethylene insulation material for 10 kV and below silver-gray wires and cables, and a preparation method thereof. The insulation material is prepared by the following components: LLDPE-7042, LLDPE-8320, LDPE, EVA, PP, a silane coupling agent, a crosslinking agent DCP, an antioxidant 300, an antioxidant 1010, an antioxidant DLTP, an antioxidant 1024, organic tin, a fluorine rubber master batch, a UV absorber and a silver-gray master batch. The material is mainly used in an insulation layer of the cable to replace the current main PVC materials, and is better than PVC in insulation property, PVC emits toxic and harmful gases when the wires fire due to aging, while the silane insulation material is non-toxic and harmless.