The invention discloses a preparation method of an environment-friendly and cold-resistant polyvinyl chloride elastomer composition. Polyvinyl chloride resin, dialkyl terephthalate, synthetic vegetable oil ester, polar rubber, nano-active calcium carbonate, calcium-zinc Composite stabilizers, lubricants, antioxidants and pigments are mixed in a kneader, and after the temperature of the mixture reaches 90-100°C, the material is discharged and cooled, and then the cooled mixture is placed on a double-stage screw extruder to extrude and granulate The elastomer composition has a Shore hardness of less than 80 at -5°C. The beneficial effect of the present invention is that it has the advantages of excellent low-temperature toughness, high mechanical strength, good heat aging resistance, environmental protection and non-toxicity, and excellent comprehensive performance, and is especially suitable for preparing elevator balance compensation chain sheaths, door and window seals, and electric wires and cables. insulation sheath, etc.