The author made a study of the effect of metallogarphical factors on the rolling fatigue life of a carbon steel and alloy cast iron. Judging from these results, in case that carbide and graphite independently existed in matrix, it was recognized that metallographical factors that were affected on the rolling fatigue life of these materials were shape of residual carbide and graphite. it was necessary to make a study of the effect on the rolling fatigue life of structure with carbide and graphite. Therefore, in this paper, the author made a study of the effect of chromium content and heat treatment on the graphitization of a high carbon alloy steel. The results obtained may be summarized as follows : (1) In case that chromium content is about 1%, formation of graphite is not in the cast condition, but, when it is below 0.6%, flaky graphite and globular graphite appear fairly in matrix. (2) Quantities of precipitated graphite are decided on the casted condition and forged condition. (3) After they were pre-quenched from 800℃ in insulation oil (20℃), specimens graphized at the temperature of 650℃ for about 10 hours turn matrix into globular perlite.