An intimately melted and homogenized polyethylene composition having excellent physical properties and moldability and comprising a high-medium density polyethylene having a high molecular weight (A), a high-medium density polyethylene having a low molecular weight (B) and a low density polyethylene (C) characterized in that:(i) the average molecular weight of (A) is 100,000-1,000,000, the average molecular weight of (B) is 1,000-100,000, the molecular weight ratio of (A) to (B) is 5-200, and (C) has an intrinsic viscosity [.eta.] of 0.70 dl/g or more in decalin at 135.degree. C. and an expansion factor of 3.3 or more, and(ii) the mixing ratio (A)/(B) is 30/70 to 80/20 and the mixing ratio of (C) in the composition is within the range from 1% by weight to less than 15% by weight.