An experimental investigation of the machining characteristics of compact vermicular cast iron whose matrix were formulated under two kinds of annealing conditions has been conducted. The various characteristics of the machinability of CA cast iron depending upon its matrix and cutting condition have been obtained from the experiment. The results are as follow. As depth of cut increases, the shear stress slightly decreases in order $P_1, P_2, P_3$ which are classified by ferrite matrix of CV cast iron. As depth of cut increases, the normal stress increases, and annealing effect in heavy cutting is smaller than that in light cutting. The cutting energy slightly decreases, as depth of cut increases and the effect of annealing on cutting energy in light cutting is higher than that in heavy cutting. The cutting equation in this study are as follow. $P_1:2{phi} + 1.49({eta} - {alpha} )=84^{circ}$ $P_2:2{phi} + 1.36({eta} - {alpha} )=82^{circ}$ $P_3:2{phi} + 1.34({eta} - {alpha} )=79^{circ}$ Machining constants in this study for $P_1, P_2, P_3$give $74^{circ} , 66^{circ}, 61^{circ}$ Tool wear increases as depth of cut increases, and decreases as ferrit matrix increases.