The graphitization is affected by the addition of small amount of the elements(such as Si, Al, Ni, B, Cr and Mn etc.) and the pre-treatment(such as cold rolling). Boron is well known element to accelerate the graphitization of cementite in high carbon steels. Also, cold rolling is known to accelerate the graphitization. But the graphitization nucleation mechanism by cold rolling is few reported. Therefore the effect of cold rolling in Fe-0.5%C-1.0%Si-0.47%Mn-0.005%B steel on the graphitization is investigated quantitatively using hardness test, optical microscope and scanning electron microscope, neutron induced microscopic radiography. The nucleation of graphite in cold-rolled Fe-0.5%C-1.0%Si-0.47%Mn-0.005%B steel is formed at void which is formed at pearlite/pearlite boundary by cold rolling. But the effect of cold rolling on graphitization in boron addition steel is more effective than that of no boron addition steel due to segregation of BN at void in boron addition steel.