Thermal conductivity is an important property for many iron cast components, and the lack of widely accepted thermal conductivity model for cast iron, especially grey cast iron, motivates the efforts in this research area. The present study contributes to understanding the effects alloy microstructure has on thermal conductivity. A thermal conductivity model for a pearlitic cast iron has been proposed, based on the as-cast alloy composition and microstructural parameters obtained at different solidification rates. According to the model, available parallel heat transfer paths formed by connected graphite flakes across eutectic cells are determined by the space between dendrite arms. The uncertainties both for model inputs and for validation measurements have been estimated. Sensitivity analysis has been conducted to result in better understanding of the model behaviour. The agreement between modelled and measured thermal conductivities has been achieved within 5% on the average for the investigated samples.