The invention discloses an insulation rubber for longitudinal water-tight demagnetization cables used for ships and a manufacture method for the insulation rubber, belonging to the field of cables. The raw materials of the rubber are 15 parts of terpolymer EP rubber K21, 5 parts of terpolymer EP rubber 4045M; 0.5-0.6 parts of a vulcanizing agent DCP, 0.2-0.3 parts of a vulcanizing agent TAIC, 0.7-0.9 parts of an
antioxidant MB, 0.2-0.3 parts of an
antioxidant RD, 1.0-2.0 parts of paraffin oil, 1-2 parts of chlorinated paraffin-52, 0.5-1.0 parts of
microcrystalline paraffin, 1.0-2.0 parts of
zinc oxide, 0.3-0.5 parts of eleaostearic acid, 8-11 parts of powdered talcum, 1.0-1.5 parts of
gas phase method silica, and 7-9 parts?of calcined pottery clay. First, mixing the raw rubbers of the terpolymer EP rubbers K21 and 4045 in an internal mixer; then adding the rest of the raw materials except the vulcanizing agents in sequence and mixing for 14-16 minutes, and after the obtained mixture being mixed uniformly, loading the obtained product on an open mill to make triangular bags eight times, followed by rubber sieving and sheets making. The insulation rubber has the advantages of good insulative and mechanical properties,
aging resistance and oil resistance, which can satisfy the usage requirements of the longitudinal water-tight demagnetization cables used for ships.