The invention discloses a thermoplastic elastomer for high-performance flexible cables, and the thermoplastic elastomer belongs to a thermoplastic elastomer and is used for insulation and sheath of cables. The elastomer adopts an ethylene propylene diene monomer, nitrile rubber, polyolefin resin, a nitrogen phosphorus flame retardant and a maleic anhydride graft/carboxyl-terminated polybutadiene/carboxyl nitrile rubber composite compatibilizer, and is prepared by adopting a dynamic vulcanization process. The high-performance thermoplastic elastomer has good heat resistance, oil resistance, flame retardancy, good physical and mechanical properties, excellent processing properties and excellent appearance.