The invention provides a light high elasticity deodorant rubber spongy cushion for shoes and a preparation method thereof. The light high elasticity deodorant rubber spongy cushion comprises components based on parts by weight: 50-150 parts of natural rubber, 2-50 parts of cis-butadiene rubber, 2-3 parts of sulphur, 0.8-4.5 parts of vulcanization accelerator, 1.5-5 parts of sulfurization activator, 1.5-2.5 parts of foaming agent, 15-25 parts of stearic acid, 35-45 parts of filler and 1.5-3 parts of deodorant. The rubber spongy cushion has reasonable elasticity and light specific gravity, reduces the fatigue degree when being worn, is good in the effect of preventing funguses such as candida albicans, staphylococcus aureus, bacillus coli and the like as well as bacteria, and greatly improves the hygiene and the functionality of the rubber shoes; furthermore, the rubber spongy cushion prepared by the method has proper thickness, so as to improve the comfort feeling. In addition, the materials selected by the invention can be easily obtained, and the invention has the advantages of low cost, simple preparation method, easy implementation and good performance of the produced product.