The invention provides an oil-resistant and low temperature-resistant thermoplastic elastomer and a production method according to the mechanism that the characters of a plurality of molecular materials are similar and compatible, mutually complementary and capable of mutually modifying. The oil-resistant and low temperature-resistant thermoplastic elastomer comprises the following components by weight parts: 100 parts of one or a plurality of polyvinyl chloride X-2000, X-2500, X1300 and X-1000, 40-150 parts of one or a plurality of nitrile butadiene rubber (NBR) N41, N33CM, N33M, N26 and N18,20-50 parts of modifier, 20-160 parts of filling agent, 70-150 parts of plasticizer, 15-75 parts of dynamic cross-linking agent, 0-5 parts of pigments and 8-20 parts of additives. The invention develops the modifier, selects the cross-linking agent and technological conditions of temperature, rotational speed and the like, thereby leading the product to achieve the technical requirements of oil resistance, low temperature resistance, acid-base resistance, aging resistance and smaller specific gravity than a vulcanized product with the same price. The elastomer can not only produce various oil-resistant pipes, ropes, wires and cables as well as sealing strips of aluminum-plastic doors and windows of vehicles, motor vehicles and buildings, but also manufacture various parts and products with different mechanical performance requirements on hardness, elasticity and the like through the different technologies of blow molding, extrusion molding, injection molding and the like.