The invention discloses an oil-resistant cable material used for railway locomotive vehicle cables, and a preparation method thereof. The oil-resistant cable material is prepared from the following raw materials by weight: 60-80 parts of high styrene rubber, 40-60 parts of butadiene-acrylonitrile rubber, 20-40 parts of chloroprene rubber, 15-20 parts of a bromomethyl-p-tert-octyl phenol formaldehyde resin, 10-15 parts of dibutyl maleate, 9-18 parts of polychlorinated biphenyls, 8-16 parts of tridichloropropyl phenyl silicate, 10-15 parts of nano barium titanate, 12-18 parts of heavy calcium carbonate powder, 5-10 parts of fly ash, 24-32 parts of fast extruding furnace carbon blanc N550, 2.5-4.5 parts of di-tert-butyl peroxide, 3-6 parts of dibenzoylquinone dioxime, 2-3 parts of isocyanatopropyl triethoxysilane, 3-5 parts of basic lead carbonate, 2-3 parts of calcium oxide, 6-12 parts of a transformer oil, 4-6 parts of liquid paraffin, 3-5 parts of glyceryl monopalmitate, 1-2 parts of tetraethylthiuram disufide, 2-3 parts of N-tert-butylbenzothiazole-2-sulphenamide, 1.5-2.5 parts of 6-ethoxy-2,2,4-trimethyl-1,2-dihydroquinoline and 10-15 parts of modified stone powder. The cable material provided by the invention has excellent oil resistance, solvent resistance and chemical corrosion resistance, and effectively prolongs the service life of the cable.