Graphitization of cementite in high carbon steels at subcritical temperature is reported. We have studied about the effects of Ni in these steels on graphitization. The chemical compositions of the specimens were Fe-(0.54, 0.7)%-C-1.0%Si-0.1%Mn-(0.2~1.0)%Ni. After annealing at $650^{circ}C$, $680^{circ}C$ and $700^{circ}C$ during various time the microstructures and hardness change were observed. In order to recover the initial hardness of high carbon steel, dissolution treatment of graphite was performed at $870^{circ}C$. In case of 0.7%C steel, graphitization was accelerated rather 1.0%Ni addition steel than 0.2% and 0.54%Ni addition steels but the graphite is coarser. In case of 0.54%C-0.2%Ni steel, graphite particles were distributed relatively homogeniously and finely. Nickel addition promotes graphitization of these steels but makes graphite blocky.