A foamed rubber composition for pneumatic tires comprises at least one diene polymer as a rubber ingredient and includes closed cells in a matrix rubber, each of these cells being covered with a coat layer made from a given amount of a resin or resin composite having a JIS-C hardness of not less than 75, a particle size of 10-200 .mu.m and a reacted conjugate diene unit content of not less than 10% by weight. In the production of the foamed rubber composition, the melting point or glass transition point of the resin or resin composite is restricted to at least 5.degree. C. lower than the vulcanizing temperature.