An object of the present invention is to provide: a thermoplastic elastomer composition, which is accompanied by less environmental burden, and which has flexibility, rubber elasticity, formability and recyclability; and a molded product obtained using the same. The present invention is directed to a thermoplastic elastomer composition comprising a thermoplastic resin (A) derived from a non-petroleum source, and at least one rubber (B) selected from a natural rubber, a diene polymer rubber, an olefin polymer rubber, an acrylic rubber and a silicone rubber, the thermoplastic elastomer composition being obtained by allowing the rubber (B) to be dynamically crosslinked with a crosslinking agent (C) in the presence of the thermoplastic resin (A). Preferred (A) is a polylactic acid, or a poly(3-hydroxybutyrate), and preferred (B) is a natural rubber.