High-vanadium cast iron is the white cast iron in which the regular fibrous γ + VC eutectic with the volume fraction of vanadium carbide amounting to about 20% crystallises. This paper presents the results of studies on high-vanadium cast iron subjected to the inoculation treatment with magnesium master alloy. The aim of this operation is to change the morphology of the crystallising VC carbides from the fibrous shape into a spheroidal one. The study also examines the effect of the amount of the introduced inoculant on changes in the morphology of the crystallising VC carbides. To achieve the goals once set, metallographic studies were performed on high-vanadium cast iron of eutectic composition in base state and after the introduction of a variable content of the inoculant. The introduction of magnesium-based master alloy resulted in the expected changes of microstructure. The most beneficial effect was obtained with the introduction of 1.5% of magnesium master alloy, since nearly half of the crystallised vanadium carbides have acquired a spheroidal shape.