<p>A novel thermoplastic resin composition which can have high impact resistance due to the use of an impact modifier which is isolated as a resin powder without becoming coarse particles or enlarging. The thermoplastic resin composition comprises 100 parts by weight of (a) a thermoplastic resin and 0.5-20 parts by weight of (b) an impact modifier comprising (b-1) a graft copolymer comprising a butadiene rubber polymer and a rigid shell, (b-2) a water-soluble polymer having the property of forming a physical gel, and (b-3) a gellant, and is characterized in that the amount of the water-soluble polymer (b-2) having the property of forming a physical gel is 0.01-3.0 parts by weight per 100 parts by weight of the graft copolymer (b-1) and that the proportion of the rigid shell in the graft copolymer (b-1) is 1-20 wt.%.</p>
