The effect of the cerium addition on the microstructure and properties of the ductile iron is investigated. The ferrocerium is added to obtain ductile iron samples with cerium contents of 10–750 ppm. In the ductile iron with a cerium content of 60 ppm, the amount and the spheroidization rate of graphites are the highest. The tensile strength of the ductile iron is 488 MPa and the elongation rate reaches 20.17%. For the ductile iron with a high toughness demand, it is necessary to add 60 ppm Ce in the ductile iron to increase the number density and spheroidization rate of graphites. The formation of CeS inclusions effectively promotes the heterogeneous nucleation of graphites, increasing the amount of graphites. The stronger carbon diffusion during the eutectic process increases the ferrite formation in the ductile iron, leading to a lower tensile strength and a higher elongation rate. When the cerium content exceeds 460 ppm, the precipitated Ce2C3 significantly reduces the performance of the ductile iron.