A thermoplastic resin composition comprising (A) a thermoplastic resin and (B) graft copolymer particles each having a hollow rubber moiety (in which the volume of the cavity is 1 to 70 %) and a graft chain in an A-to-B weight ratio in the range of 2/98 to 90/10. The impact resistance is further improved by the effect of the cavities in the graft copolymer particles.
