The invention discloses a low temperature resistant high elasticity chlorinated polyethylene power line jacket material as well as a preparation method thereof. The low temperature resistant high elasticity chlorinated polyethylene power line jacket material is prepared from the following substances in parts by weight: 70-90 parts of chlorinated polyethylene, 20-30 parts of an ethylene-vinyl acetate copolymer, 10-15 parts of a thermoplastic polyurethane elastomer, 0.4-0.8 part of bis(tert-butyldioxyisopropyl)benzene, 1.5-2.5 parts of triallyl isocyanurate, 4-8 parts of molybdenum disulfide, 10-15 parts of antimonous oxide, 8-12 parts of silicon micropowder, 5-10 parts of polytetrafluoroethylene micropowder, 10-15 parts of dioctyl nylon acid, 3-5 parts of sorbitol, 5-10 parts of dioctyl sebacate, 20-25 parts of precipitated white carbon black, 2-3 parts of a flexibilizer TMTD (Tetramethyl Thiuram Disulfide), 1-2 parts of an anti-aging agent ODA [bis(4-octylphenyl)amine], 1-2 parts of an anti-aging agent TPPD [N-(p-toluene-sulphonylamido-N'-phenylenediamine)] and 3-5 parts of composite filler, wherein the accelerant has low temperature resistance and high elasticity, so that the jacket material still maintains good elasticity under a condition of a low temperature of -50 DEG C. The jacket provided by the invention is tough, has excellent physical and mechanical performances, electric insulating performance, anti-aging resistance, wear resistance and impact resistance, and is durable, safe and reliable and wide in application prospect.