The invention belongs to the field of polyurethane elastomer synthesis, and particularly relates to a preparation method of a microporous polyurethane elastomer compound with excellent dynamic performance. The compound is characterized in that the compound consists of a polyol mixture component and a modified isocyanate component. The preparation method has the advantages as follows: (1) a quasi-prepolymer method is adopted to process microporous polyurethane elastomer material, the two components has similar viscosity and similar mass mixing ratios, the material mixing temperature is low, the materials are easy to mix evenly, the process control condition is simple, and the operation is easy; and (2) the microporous polyurethane elastomer material prepared by using the compound disclosed by the invention has the advantages that a ratio of dynamic stiffness to static stiffness is smaller than or equal to 1.35, the impact elasticity is larger than or equal to 75 percent, the appearance is not damaged after 3,000,000 times of fatigue tests and the dimensional change rate is smaller than or equal to 20 percent, so that the compound can be used for preparing high-performance products such as damping cushion blocks of high-speed railways and damping elements of automobiles.