The invention relates to a composite underwater sound transmission rubber material and a preparation method thereof. A component A is prepared through steps of plasticating natural rubber, then adding into an internal mixer for mixing, adding metallic oxide, inorganic filler, active agent and accelerator for mixing, and discharging sheets by an open mill and testing; a component B is prepared through steps of plasticating chloroprene rubber, then adding into the internal mixer for mixing, then sequentially adding stearic acid, antiager, carbon black, inorganic filler and softener for mixing, adding sulphur for mixing, discharging sheets and cooling down; the composite underwater sound transmission rubber material is prepared through steps of mixing the component A and component B according to proportion of 1:1, packaging into triangle, thinning, discharging sheets, sampling for sulfuration test, and sulfurizing at relatively low temperature. The acoustic impedence of the material and acoustic characteristic impedence of water are well matched, the sound attenuation coefficient of sound wave transmitting in sizing material is low, the material has good hydrolytic resistance and silicone oil resistance; the material can be stored for long time, is safe to operate, has high underwater sound transmission performance, and can be sulfurized at low temperature so that the contradiction between low temperature sulfurization and normal temperature storage is relieved.