The invention discloses a sheathing compound for a cable. The sheathing compound is prepared from the following raw materials in parts by weight: 50 to 70 parts of natural rubber, 20 to 30 parts of butadiene rubber, 5 to 15 parts of polybutylene terephthalate, 20 to 30 parts of carbon black N774, 3 to 5 parts of aluminum stearate, 3 to 6 parts of promotor CZ, 10 to 15 parts of para-tert-butyl phenolic resin, 4 to 8 parts of microcrystalline wax, 2 to 5 parts of anti-aging agent, 2 to 5 parts of N-cyclohexylthiophthalimide, 3 to 5 parts of aromatic hydrocarbon oil, 10 to 15 parts of aluminum hydroxide, 5 to 10 parts of zinc borate, 2 to 5 parts of tripolycyanamide, 4 to 8 parts of encapsulated red phosphorous, 6 to 10 parts of barium sulfate, 6 to 10 parts of nanometer aluminum oxide and 4 to 6 parts of composite filler. The sheathing compound disclosed by the invention has the advantages of excellent properties of heat resistance, wear resistance, ageing resistance, ultraviolet ray radiation resistance, oil resistance, acid-base resistance and the like, and is durable.