A thermoplastic elastomer composition dynamically vulcanized to a gelation rate of 50 to 95% which is superior in heat resistance and durability while maintaining flexibility and superior in air permeation preventive property which can be efficiently used as, for example, a pneumatic tire as an air permeation preventive layer. In particular, a thermoplastic elastomer composition having a reduced particle size of the domain rubber is produced by a material having a high rubber ratio by mixing a composition (C) mixed under conditions of a ratio of melt viscosities of the rubber composition (A) / resin (B) of 0.8 to 1.2 and the formula (phiA / phiB)x(etaB / etaA)<1.0 under conditions of a ratio of melt viscosities of the rubber composition (D) / composition (C) of 0.8 to 1.2 and the formula (phiD / phiC)x(etaC / etaD)<1.0, wherein phiA: volume fraction of rubber composition (A), phiB: volume fraction of resin (B), etaA: melt viscosity of rubber composition (A), etaB: melt viscosity of resin (B), phiC: volume fraction of composition (C), phiD: volume fraction of rubber composition (D), etaC: melt viscosity of composition (C), etaD: melt viscosity of rubber composition (D).