The material for proppant and method for producing the same relate to the chemistry of high-molecular weight compounds, and more particularly, to polymer materials with high requirements for physical and mechanical properties, for instance, for the production of proppants, i.e., propping granules, used in the oil and gas production by a method of hydraulic fracturing of formation. The technical result achieved by implementation of the present invention is an increase in thermal strength of the proppant material providing for a compressive strength of at least 150 MPa at a temperature of not less than 100° C. The method consists in the following. A mixture of oligocyclopentadienes is obtained by heating dicyclopentadiene (DCPD) to a temperature of 150-220° C. and holding at this temperature for 15-360 minutes. The oligomerization of dicyclopentadiene occurs. The mixture of oligomers is cooled down to 20-50° C., and polymer stabilizers, radical initiators, methacrylates and a catalyst are sequentially added thereto. The resultant polymer matrix is heated up to a temperature of 50-340° C. and is held at this temperature for 1-360 minutes, and thereafter is cooled down to room temperature. A metathesis polymerization (MP) and radical polymerization (RP) cross-linkage of the mixture of oligocyclopentadienes with methacrylic esters occurs.