The effects of the alloying elements and cooling rates on the formation of phosphide eutectics of compacted vermicular graphite cast irons containing copper, tin, molybdenum for producing pearlitic matrix, and also containing phosphorus and boron for increasing wear resistance, were investigated. The liquidus phosphide eutectic was found to solidify as a pseudo-binary phosphide eutectic, but with increasing of the cooling rate non-equlibrium phosphide eutectic with needle type carbide could be formed. However, the liquidus phosphide eutectic containing both phosphorus and carbide-forming boron was found to solidify always as a non-equlibrium phosphide eutectic with coarse carbide, independent from the cooling rate. It was also confirmed that the tiny isolated phase observed by SEM was gamma iron solid solution with phosphorus, silicon, molybdenum and the matrix containing these tiny islands was phosphide phase containing manganese and molybdenum. The addition of copper was found to decrease the tendency of forming ledeburitic carbides in the phosphide eutectic.