The present invention provides a viscosity index improver having an excellent viscosity index improving effect, a lubricant composition having excellent low-temperature viscosity in which the viscosity reduction due to long-term use is small, and a method for producing the lubricant composition. A viscosity index improver of the present invention contains a copolymer (A) containing, as monomer units, an alkyl (meth)acrylate (a) whose alkyl group contains 5 or more carbon atoms, and an alkyl (meth)acrylate (b) whose alkyl group contains 1 to 4 carbon atoms, wherein the alkyl group of the alkyl (meth)acrylate (a) whose alkyl group contains 5 or more carbon atoms has a molar-average carbon number (Q) of 29 or more, and the alkyl (meth)acrylate (b) whose alkyl group contains 1 to 4 carbon atoms is contained as a monomer unit in an amount of 38 to 75% by weight based on the weight of the copolymer (A).