To provide a liquid repellent composition whereby a treated article excellent in liquid repellency is obtainable, which is excellent in stability and does not have such a problem as an odor attributable to ammonia or an organic amine; a method for its production; and a method for producing oil resistant paper. The liquid repellent composition comprises a copolymer (A) having structural units derived from a monomer (a) represented by the formula RF-Q-X—C(O)C(R)═CH2 (RF is a C4-6 perfluoroalkyl group, Q is a divalent hydrocarbon group that does not contain a fluorine atom; X is —O— or NH—, and R is a hydrogen atom, a methyl group or a chlorine atom) and structural units derived from a monomer (b) having an anionic group, alkali metal ions and an aqueous medium; wherein the mass average molecular weight of the copolymer (A) is at most 84,000; at least some of counterions to the anionic groups are alkali metal ions; and the molar ratio of alkali metal ions to anionic groups in the liquid repellent composition is from 0.6 to 1.29.