A cutting insert having a plurality of corner cutting edges has an upper face, a lower face, two longitudinal side faces and two transversal side faces connecting the upper face and the lower face. A through hole passes through central parts of the upper face and the lower face. The longitudinal side faces are opposite to each other and normal to both upper and lower faces, as are the transversal side faces. The upper face and the lower face are each provided with two chip discharge grooves, each chip discharge groove extending along a corresponding one of the transversal side faces, the two chip discharge grooves being inclined oppositely in the transverse direction so that the upper face and the lower face are each provided with two corner cutting edges at diagonally opposite corners. The longitudinal length of the insert is longer than the transversal length of the insert. The cutting insert can be mounted stably to a small-diametered cutter with a sufficient mounting surface.