A millable polyurethane rubber, preparation method and use thereof. Raw materials thereof comprise the following ingredients in part by weight: polyester diol 100 parts; micromolecular diol 2-10 parts; diisocyanate 5-20 parts; antioxidant 0.1-0.5 part; catalyst 0.03-0.08 part; peroxide 1-1.5 parts and/or sulfur 1-1.5 parts. By structural design and formula adjustment, the millable polyurethane rubber has better low temperature resistance and gas permeability compared with conventional millable polyurethane rubbers, by using special micromolecular diol, synthesizing with polyester diol at a specific ratio and vulcanizing with peroxide or sulfur, molecular strands of the polyurethane have excellent smoothness and strong interaction forces, the millable polyurethane rubber has at the same time characteristics such as time good low temperature compression set, low gas permeability and high mechanical strength and can be used in manufacturing of films in scuba suspension systems.