A phenolic resin composition comprising a water-soluble resol-type phenolic resin and glycine, which is produced through a step for reacting a phenol compound that is a starting substance with an aldehyde compound in the presence of a basic catalyst under the condition where the [aldehyde compound]/[phenol compound] molar ratio is 0.8 to 4.5, inclusive, to produce a water-soluble resol-type phenolic resin and a step for adding glycine to the resol-type phenolic resin to produce the phenolic resin composition in which glycine is added in an amount of 0.001 mol% or more and less than 0.1 mol% relative to the amount of the phenol compound that is a starting substance.