The matrix structure and the morphology of CV graphite are affected by the addition of many kinds of elements, which are contained in the CV graphite cast iron, additives, fading time and cooling rate. The effects of cooling rate on the matrix structure, the shape of CV graphite, mechanical properties and propagation of ultrasonic wave in hypoeutectic CV graphite cast iron were studied. When the diameters of the samples are 50㎜, 35㎜ and 20㎜ 1. CV graphite number showed average 13.8% increase and CV graphite length showed 12.3% decrease with decreasing diameter of the samples. 2. The amount of graphite and ferrite showed average 10.6, 4.3% decrease and the amount of pearlite showed average 23.4% increase. 3. Hardness and tensile strength showed average 3.2%, 9.5% increase and impact strength showed average 1.3% decrease. 4. Ultrasonic wave velocity showed average 1.1% increase.