A pellet which comprises (A) 100 parts by weight of an ethylene-alpha-olefin.non-conjugated polyene copolymer containing a polyene unit having a specific structure, (B) 1 to 150 parts by weight of a plasticizer, and (C) 0 to 30 parts by weight of a thermoplastic resin; and a method for producing a thermoplastic elastomer, characterized in that it comprises feeding the above pellets continuously to an extruder to thereby subject the pellets to dynamic cross-linking. The above pellet is excellent in cross-linking reactivity and allows the production of a thermoplastic elastomer excellent in compression set and in dispersibility with good efficiency.
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