The present invention relates to a graft copolymer for a transparent thermoplastic polyurethane resin prepared by graft copolymerization of (a) 50-85 weight % of rubber latex having a multi-layered structure composed of an inner layer and an outer layer comprising a conjugated diene monomer and an ethylenically unsaturated aromatic compound in which the refractive index of the inner layer is greater than that of the outer layer; and (b) 15-50 weight % of a C2-C20 vinyl monomer; a method for making same; and a thermoplastic polyurethane resin composition comprising same having excellent color properties, calendaring properties, low temperature impact strength and transparency.