A thermoplastic resin composition with improved low-temperature impact strength and rigidity against heat, comprising (I) 10-40% by weight of a mixture of (a) 10-50% by weight of a propylene homopolymer and/or an ethylene-propylene block copolymer (an isotactic pentad fraction of a propylene homopolymer portion being 0.98 or above) and (b) 50-90% by weight of an olefin-based copolymer rubber, said mixture having been dynamically heat treated in the presence of an organic peroxide and a crosslinking agent, (II) 20-85% by weight of a propylene homopolymer and/or an ethylene-propylene block copolymer (an isotactic pentad fraction of a propylene homopolymer portion being 0.98 or above and a melt index of the propylene homopolymer portion being 30-150 g/10 min), and (III) 5-40% by weight of an inorganic filler.