The invention relates to peelable semi-conduction rubber for insulating an intelligent medium-voltage rubber sleeve cable and a preparation method thereof. The peelable semi-conduction rubber is prepared from the following components in parts by weight: 85-100 parts of EVM, 0-15 parts of PVC resin, 0-1.5 parts of a PVC compound stabilizer, 8.0 parts of magnesium oxide, 3.0 parts of an anti-aging agent, 5.0 parts of a processing aid, 3.0 parts of a coupling agent, 60-90 parts of high-conductivity graphite powder, 5-9.5 parts of a plasticizer and 4.5-7.5 parts of a vulcanization system. According to the peelable semi-conduction rubber, the rubber-plastic combination of EVM and PVC resin is innovatively selected for preparing the peelable semi-conduction rubber; PVC is a polar polymer; due to the combined application of the PVC and EVM, the peelable performance of non-polar ethylene-propylene insulated rubber is improved; the peeling strength at 20 DEG C is 35N/cm or smaller; after PVC is subjected to dehydrochlorination, PVC is a structural conducting polymer of a typical conjugated polymer; due to the combined application of PVC and EVM, the conductive performance is improved, and the consumption of the high-conductivity graphite powder is reduced.