C/V graphite iron has superior tensile strength, toughness and ductility than grey iron, and better castability than ductile iron. The retained austenite content of C/V graphite iron by austempering treatment affects on the mechanical properties such as ductility, hardness, wear properties and machinability. C/V graphite iron alloyed with Cu and Mo were carried out on the austenitizing at 900˚C for 1 hour, and the austempering at 240∼400˚C for 1 hr. And then the mechanical and wear properties of austempered C/V graphite iron have been investigated by the retained austenite content. In consequence, the retained austenite content was found to be 18.2% in austempering temperature at 240˚C, and was increased 39.2% at 400˚C. Tensile strength and hardness of austempered C/V graphite iron were decreased as the retained austenite content increased, but elongation was increased. The rolling wear loss were increased as the retained austenite content increased. The wear surface of as-cast became to be rough. The microstructure of austempered C/V graphite iron was became to be acicular ausferrite in austempering at 240˚C, and feathery ausferrite at 400˚C. (Received December 31, 1997)