Thermal conductivity is an important property for cast components produced from different types of cast iron. Development of a general widely-accepted thermal conductivity model for compacted and lamellar graphite irons poses a research challenge. The present study extends the modeling approach introduced earlier for pearlitic lamellar graphite iron toward compacted graphite iron and ferritic lamellar graphite iron. The proposed thermal conductivity model of the bulk material is based on the alloy microstructure and Si segregation between eutectic cells and non-cell regions, at the main assumption that the heat paths in the eutectic cells are formed by connected graphite phases surrounded by ferrite phases. The overall thermal resistance of these heat paths is determined by the hydraulic diameter of the interdendritic region. The uncertainties both for the modeled and for experimentally derived thermal conductivities have been estimated. The importance of considering the Si segregation in the model has been discussed. For the investigated samples, the agreement between modeled and measured thermal conductivities has been achieved within 4% on the average, at the same value of the single fitting parameter found for pearlitic, pearlitic–ferritic lamellar, and compacted graphite iron alloys. The results contribute to the understanding of the material microstructure effects on the cast iron thermal conductivity.