Spherical graphite cast iron utilized to prepare a lapping tool is manufactured by casting a molten composition into a mold cavity, and by chilling one side of the resulting casting thereby causing unidirectional solidification, the one side being used as the operating surface of the lapping tool. The molten composition consists essentially of 3.0-3.8 wt. % of carbon, 2.0-2.9 wt. % of silicon, 0.3-0.9 wt. % of manganese, less than 0.05 wt. % of phosphorus, less than 0.03 wt. % of sulfur, 0.2-1.0 wt. % of nickel, 0-0.8 wt. % of copper, 0.05-0.5 wt. % of molybdenum, 0.03-0.09 wt. % of magnesium and the balance of iron. The lapping tool made of this casting has a percentage of sphericity of higher than 80%, graphite particle diameter of less than 100 microns, a density of graphite particles of larger than 70/mm.sup.2, and a Vickers hardness of larger than 200.