Disclosed is a method for producing a thermoplastic elastomer composition having a phase structure comprising a continuous phase comprising at least one thermoplastic resin and a disperse phase comprising dynamically crosslinked elastomer particles finely dispersed in the continuous phase, the method being characterized by dispersing in at least one crosslinkable elastomer component furnace carbon black having a BET nitrogen adsorption specific surface area of from 100 to 260 m2/g and a primary particle average particle diameter of from 10 to 25 nm in an amount of 1 to 15 parts by weight with respect to 100 parts by weight of the at least one crosslinkable elastomer component, prior to or during dynamic crosslinking.