Abstract: A polyester resin composition suitable for preparing a powder paint, obtained by mixing a polyester, which is obtained by depolymerizing a polyester having a high degree of polymerization with an intrinsic viscosity of about 0.4 or more with at least one of a substantially nonvolatile alcohol and an ester having at least one alcoholic hydroxyl group in the same molecule, melts at a temperature between about 45.degree. C and about 120.degree. C and has terminal hydroxyl groups and an average degree of polymerization ranging from about 5 to about 50, with a polyisocyanate blocked with an alkyl p-hydroxybenzoate by melting. The polyester resin composition can be readily pulverized, has no blocking property and has the fluidity at relatively low temperatures sufficient to facilitate pigmentation, and can form beautiful coatings. The coatings have good resistance to weathering, solvents, humidity and fouling, and excellent adhesion to a metal.