A problem is to provide a method for producing a polyarylene sulfide resin having excellent reactivity to other compounds and resins, such as an impact resistance improver such as an epoxysilane coupling agent, a functional group-containing thermoplastic elastomer, or the like, and also provide a polyarylene sulfide resin composition produced by the production method, not containing chlorine atoms, and having the excellent reactivity. A method for producing a polyarylene sulfide resin includes performing polymerization reaction of a mixture containing a diiodo aromatic compound, a sulfur compound, and a polymerization inhibitor having a specified functional group. The problem can be solved by using a polyarylene sulfide resin composition containing a polyarylene sulfide resin having a specified terminal functional group and iodine atoms within a range of 0.01 to 10,000 ppm relative to the polyarylene sulfide resin.