To provide a liquid phenolic resin composition capable of obtaining a phenolic resin cured product having improved impact resistance and flexibility while maintaining the inherent mechanical strength and heat resistance of phenolic resins.

The liquid phenolic resin composition includes 100 pts.wt. phenolic resin and 21-40 pts.wt. polymer particles having a volume average particle diameter of 0.01-0.5 μm and the weight average molecular weight of the phenolic resin is 100-600, and the polymer particles include at least two layers of an elastic core layer present inside and a shell layer present on the outermost side of the polymer particles, and the elastic core layer is composed of a crosslinked rubber polymer having a glass transition temperature of lower than 10°C, and the shell layer is a polymer composed of 100 mass% sum total of grafting components of 15-40 wt.% OH group-containing monomer, 10-60 wt.% aromatic vinyl monomer, 10-60 wt.% (meth)acrylate monomer, and other monomers.

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