To provide an insert having satisfactory chip discharge property and a cutting tool equipped with the same.

An insert 1 comprises: a nearly rod-shaped shank part 2 having a nearly circular shape when viewed from the tip; and a cutting blade part 3 provided at the tip of the shank part 2. The cutting blade part 3 has a breaker 6 provided on a rake face 5 continuing to a cutting blade ridge line 4. The shank part 2 has a first shank part 2a adjacent to the cutting blade part 3 and a second shank part 2b which is adjacent to the first shank part 2a and has a diameter larger than that of the first shank part 2a when viewed from the tip. The second shank part 2b has a notched groove 9, which extends on the extension of the breaker 6 when viewed from the top, at the tip on the side of the cutting blade part 3.