A thermoplastic elastomer composition obtained by dynamically heat-treating a mixture containing a thermoplastic resin (A) having a melting point of not less than 200.degree. C. and an elastomer (B) having a constitutional unit derived from an ester group-containing monomer in the presence of, as a crosslinking agent (C), a polymer (C-1) comprising a (meth)acrylate (c-1) unit having a weight average molecular weight (Mw) of 1,000 to 30,000 and a molecular weight distribution (Mw/Mn) of 1.0 to 4.0 and/or a polymer (C-2) which comprises 5 to 35 mass % of the (meth)acrylate (c-1) unit and 65 to 95 mass % of an aromatic vinyl monomer (c-2) unit, the polymer (C-2) having a weight average molecular weight (Mw) of 1,000 to 30,000 and a molecular weight distribution (Mw/Mn) of 1.0 to 4.0. The composition has a good sea-island structure as a whole and excellent heat resistance, and is useful as a substitute for acrylic rubbers.

 
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