A rubber composition for downhole tools having excellent degradability and storability is provided. The rubber composition for downhole tools includes degradable rubber, a degradation accelerator, and a degradation inhibitor. The degradation accelerator is at least one type of the compound represented by Formula (I) or Formula (II) below. The degradation inhibitor is at least one type selected from the group consisting of carbodiimide compounds, oxazoline compounds, oxazine compounds, and epoxy compounds. The content of the degradation accelerator is from 0.1 to 20 parts by mass relative to 100 parts by mass of the degradable rubber. The content of the degradation inhibitor is from 0.1 to 3 parts by mass relative to 100 parts by mass of the degradable rubber.