A process for producing an olefin thermoplastic elastomer composition, which comprises the step of subjecting 100 parts by weight of an olefin random copolymer formed by copolymerizing 35 to 94.99 mol % of ethylene, 5 to 50 mol % of an α-olefin having 3 to 10 carbon atoms, 0.01 to 5 mol % of a functional cyclic compound represented by the general formula (1) set forth in claim 3 and 0 to 10 mol % of a non-conjugated diene, 0.1 to 20 parts by weight of a metal compound, and at most 300 parts by weight of a polymeric compound selected from a thermoplastic resin and rubber and/or at most 100 parts by weight of a softening agent to a dynamic heat treatment under conditions of a temperature of 120 to 350° C. and a shear rate of 10 to 2,000 s−1.