The invention discloses a temperature memory color-changing insulating material and an insulating bush. The temperature memory color-changing insulating material is composed of, by weight, 25-50 parts of ethylene propylene diene monomer, 20-40 parts of polyolefin elastomer, 5-20 parts of dioctyl phthalate, 15-30 parts of aluminum hydroxide, 1-5 parts of antioxygen, 20-40 parts of fire retardant, 1-5 parts of light stabilizer and 5-40 parts of pigment. The method for manufacturing the insulating bush includes the steps of mixing all components, and conducting plasticizing, fusing and particle extruding on a double-screw extruder, wherein the extruding temperature is 180 DEG C; extruding the obtained particles to form circular tubes through a single screw extruder, wherein the temperature is controlled within the range from 140 DEG C to170 DEG C; conducting irradiation processing on the circular tubes and conducting heating expanding, wherein the temperature is controlled within the range from 130 DEG C to 150 DEG C. The colors of the insulating material and the insulating bush change when the temperature is 70 DEG C, and the colors become normal when the temperature is lower than 70 DEG C.