Disclosed are a thermoplastic elastomer using waster rubber and a rubber product produced therefrom. This invention provides a thermoplastic elastomer using waste rubber, obtained by loading a mixture comprising waste rubber powder, an olefin-based thermoplastic resin, and a compatibilizer selected from styrene compounds into an extruder and then kneading it, and a rubber product produced therefrom. The extruder is preferably a twin-screw extruder in which two shafts, each having at least two forward screw parts, at least one kneading disc part, and at least one backward screw part, are arranged in parallel to each other. The thermoplastic elastomer according to this invention has rubber properties and thermoplastic properties and may be recycled several times.
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