An oxygen absorbing polyamide resin composition produced by subjecting a diamine component containing 70 mol % or higher of m-xylylenediamine and a dicarboxylic acid component containing 50 mol % or higher of adipic acid to polycondensation reaction in the presence of a phosphorus compound, wherein a compound or complex containing at least one metal selected from the group consisting of transition metals of Group VIII of the Periodic Table, manganese, copper and zinc is also added to reaction system either before initiation of the polycondensation reaction or during the polycondensation reaction such that a ratio (P/M) of a concentration of phosphorus P (mmol/g) in the phosphorus compound contained in the polyamide resin composition to a concentration of the metal M (mmol/g) in the polyamide resin composition is 0.02 to 1.0.