The invention discloses a preparation method of a high-voltage and ultrahigh-voltage cable insulating material. The preparation method comprises the following steps: (1) compressing an ethylene monomer, carrying out high-pressure polymerization in a reactor to obtain low-density polyethylene, separating by a high-pressure separator and a low-pressure separator, cooling the low-density polyethylene, directly feeding into a single-screw extruder, adding a liquid antioxidant, uniformly dispersing the liquid antioxidant into low-density polyethylene, filtering through a high-mesh filter screen, and granulating to obtain low-density polyethylene containing the antioxidant; and (2) dedusting and grading the antioxidant-containing low-density polyethylene, adding a cross-linking agent by adoptinga post-permeation method, fully stirring, putting into an absorption bin, keeping the temperature, cooling, dedusting, removing impurities, and carrying out metal filtration to obtain the high-voltage and ultrahigh-voltage cable insulating material. According to the method provided by the invention, secondary melting processing of low-density polyethylene is avoided, thermal aging of resin is reduced, the cleanliness and the stability of the insulating material are improved, and the method is high in production efficiency, low in cost and convenient to popularize and apply.