Disclosed is an adhesive composition. The adhesive composition comprises from 30 wt % to 65 wt % of a polyolefin, 15 wt % to 65 wt % of a conjugated diene-based elastomer, 0.5 wt % to 15 wt % of an olefin elastomer, and 0.5 wt % to 25 wt % of a maleated polyolefin. The weight ratio of olefin elastomer to conjugated diene-based elastomer is within the range of 0.04 to 1. The adhesive of the invention has improved adhesion to styrenic polymer layer, barrier layer, and polyolefin layer. It is suitable for extruded multilayer films, sheets, and many other related applications.