The invention provides gray cast iron and a smelting method of the gray cast iron, and relates to the technical field of metallurgical materials. The gray cast iron is prepared from nonmetallic alloyelements, metal alloy elements and the balance iron and inevitable impurities, wherein the nonmetallic alloy elements comprise, by mass, 2.8-3.2% of C, 2.2-2.4% of Si, 0.2% or less of P, 0.15% or lessof S, the metal alloy elements comprise, by mass, 0.25-0.35% of Cr and at least one of Mn, Cu, Mo, Li, Sn and Sb, and the total content of the metal alloy elements except for Cr is 1.5-1.6%. According to the gray cast iron, by reasonably designing the chemical ingredients, the gray cast iron can meet performance requirements of machine tool basic parts, waste iron and waste steel can be adopted as main furnace materials, therefore, raw material selection and matching flexibility are improved, and the raw material cost and the production cost are reduced.