The invention provides a compound damping foam rubber material. The material is prepared from rubber, reinforcing filling and addition agents, wherein the addition agents comprise a vulcanizing agent, a dispersant, an anti-scorching agent, an anti-ageing agent, an accelerant, a secondary accelerant and a softening agent; the rubber is selected from at least two of silicone rubber, nitrile butadiene rubber, butadiene rubber, isoprene rubber and ethylene propylene rubber; and the addition agents also comprise a foaming agent. The compound damping foam rubber material provided by the invention has the advantages of light weight, cost reduction, good transformer oil resisting performance, good electric insulating performance and the like; a pore structure generated by foaming and the rubber material have a viscoelastic damping synergistic effect to enhance sound energy dissipation and improve noise-reduction performance of the compound damping foam rubber material; and the compound damping foam rubber material can be used as a sound-absorption and noise-reduction material to be applied to vibration absorption and noise reduction of a transformer body, and has remarkable economic and social benefits.