The deodorized, polyether-modified polysiloxane composition not producing a substance giving off a foul odor, while being produced or stored, which results from hydrolysis, oxidation or the like of a by-product or unreacted material and temporarily stable, a method for producing the same, and a cosmetic containing the same, wherein a polyether-modified polysiloxane composition, synthesized by hydrosilylation in which a polyoxyalkylene having the carbon-carbon double bond at the terminal is reacted with an organohydrogen polysiloxane, is refined by treatment in the presence of a solid acid.