The present invention provides a thermoplastic elastomer composition comprising a high-molecular-weight thermoplastic elastomer, a low-molecular-weight thermoplastic elastomer affinitive for the high-molecular-weight thermoplastic elastomer, and a rubber component. The ratio of the number-average molecular weight (Mn1) of the high-molecular-weight thermoplastic elastomer to the number-average molecular weight (Mn2) of the low-molecular-weight thermoplastic elastomer is not less than 1.2 nor more than 500. The rubber is dynamically cross-linked and dispersed in the thermoplastic elastomers. Further, the present invention provides a thermoplastic elastomer composition consisting of a mixture of a thermoplastic elastomer composition (F) containing a high-molecular-weight styrene thermoplastic elastomer having a number-average molecular weight not less than 80,000; a composition (G) consisting of a polar termination-modified thermoplastic elastomer and/or a polar-nonpolar graft polymer; and a rubber compound (H) containing EPDM as a main component thereof. The rubber component of the mixture is dynamically cross-linked and dispersed in the thermoplastic elastomers.