A polyester resin composition obtained by mixing a molten polyester having an average degree of polymerization ranging from about 5 to 50 mainly comprising a terephthalic acid unit, a p-hydroxybenzoic acid unit and an ethylene glycol unit, and one hardener selected from the group consisting of a diglycidyl compound, hexaalkoxymethylmelamine or the condensate thereof, and a blocked isocyanate, with the composition being suitable for the preparation of a powder paint. The thus produced polyester resin composition can be finely pulverized with ease, shows no blocking property, facilitates pigmentation and provides beautiful coatings excellent in weather resistance, solvent resistance, humidity resistance, antifouling property, and with intimate adhesiveness to metal.