Provided are a thermally conductive silicone composition that has favorable dispensing properties and crushing properties compared with a conventional thermally conductive silicone composition and also has favorable cut stringiness and high shape retentivity, and a method for producing the same. A thermally conductive silicone composition, which is applied in a liquid state to a substrate, includes: (A) a diorganopolysiloxane having an alkenyl group bonded to a silicon atom; (B) a diorganopolysiloxane having a hydrogen atom bonded to a silicon atom; (C) a thermally conductive fibrous inorganic filler; (D) a thermally conductive spherical or amorphous filler; and (E) an addition catalyst.