Disclosed are a polyphenylene sulfide composition having excellent impact characteristics, melt flow characteristics and flexibility which comprises, as indispensable components, (A) a polyphenylene sulfide, (B) an epoxy group-containing olefinic polymer, and (C) at least one elastomer selected from ethylene/propylene copolymers, ethylene/butene copolymers, ethylene/propylene/diene copolymers, hydrogenated styrene/butadiene/styrene block copolymers, copolymers of ethylene with a monomer selected from acrylic acid, methacrylic acid and alkyl esters and metal salts thereof, and polyamide elastomers; and a shaped article made from the polyphenylene sulfide composition.