A novel thermoplastic resin composition comprising a matrix of polyamide resin (E) and a disperse phase of a composition (D), said composition (D) comprising a polyphenylene ether (A), a rubber-like materail (B) and a mutual compatibilizer (C), said polyphenylene ether (A) being obtained from at least one phenol compound represented by the formula: ##STR1## wherein R.sub.1, R.sub.2, R.sub.3, R.sub.4 and R.sub.5 represents a hydrogen atom, a halogen atom or a substituted or unsubstituted hydrocarbon residue, with a proviso that at least one of them is a hydrogen atom, and said polyphenylene ether (A) having a reduced viscosity .eta..sub.sp/c of 0.40-0.58 deciliter/gram, said mutual compatibilizer (C) being compatible or reactive with said polyphenylene ether and reactive with said polyamide resin, and said polyamide resin (E) having a number average molecular weight of 14,000-40,000 and an end amino group content of 50-95 mmole/kg, wherein the thermoplastic resin composition constitutes 1-65 wt. % of said polyphenylene ether (A), 1-20 wt. % of said rubber-like material (B), 0.01-5 wt. % of said mutual compatibilizer (C) and 35-97.99 wt. % of said polyamide resin (E), based on the total weight of said thermoplastic resin composition, and the weight average particle size of said disperse phase is 2 micron or less.