To provide a rotary lathe apparatus for a wheel facilitating collection of cut chips produced in a maintenance work of a tip for cutting a wheel for correction or in a course of cutting process, and capable of increasing efficiency of the cutting of the wheel by automation, and increasing finishing accuracy.

A rotary lathe for a wheel is constituted of: a wheel setting portion including a chuck mechanism and a rotation mechanism of the wheel; cutting portions disposed on the right and left sides of the wheel setting portion; a cutting portion sliding mechanism of the cutting portion; a cutting device turnably provided coaxially with the wheel while facing the wheel at the cutting portion; a plurality of cutting tools which can be radially displaced from the center and are disposed so as to be replaceable according to a cutting position, a cutting shape and a cutting amount, at the peripheral part of the cutting device; and a control portion controlling the cutting amount according to the wheel rotation speed when cutting, wheel press-contacting force of the cutting machine, cutting time and the like. The wheel in cutting is rotated upward in relation to the cutting tool, and the tip of the cutting tool scatters cut chips downward.