A thermoplastic elastomer composition excellent in softness, permanent compression set (both short- and long-term), and controlled in bleed-out of the softening agent as well as a formed article and composite formed article of the above thermoplastic elastomer composition. The thermoplastic elastomer composition contains: (a) 100 parts by weight of at least one hydrogenated block copolymer, (b) 30 to 150 parts by weight of a non-aromatic-type softening agent for rubber; and (c) 3 to 100 parts by weight of a petroleum hydrocarbon resin having a softening point of 80 to 170 C., the resin exhibiting a melt viscosity of 10 poise at a temperature in the range of 120 to 250.