The present invention relates to a polycarbonate composition and the process for the production thereof and molded articles. The polycarbonate composition provided in the present invention comprises A) 8-70 wt. % of a polycarbonate component, B) 25-90 wt. % of a polysiloxane-polycarbonate copolymer component, C) a flame retardant component, which comprises 0.5-6 wt. % of a cyclic phosphazene of formula (X) and D) an impact modifier component, which comprises 0.5-6 wt. % of methyl methacrylate-butadiene-styrene, with the above weight percentages based on said polycarbonate composition as 100 wt. %. The polycarbonate composition provided in the present invention has a high flame-retardant level, an excellent low-temperature impact-resistant property and good heat resistance, and is suitable for the use requirement of casings for electrical devices which have relatively high flame-retardant levels (such as UL94 5VB) and require an excellent low-temperature impact-resistant property.