With the X-Ray diffraction, optical microscope, microstructure of orbicular graphite in Oshirabetsu, Hokkaido, Japan, was characterized and analysized. Except of graphite, there are sulphide minerals, such as pentlandite, chalcopyrite, pyrrhotite and etc. Morphology of the orbicular carbon particles is mainly elliptical in TEM, but amorphous by HRTEM. Some flaky and needlelike carbon is also observed in this orbicular graphite by TEM, which was well crystallized with very good straight lattice fringe of graphite by HRTEM clearly. Flaky and needlelike graphite might be induced by catalyst of Fe-Ni-Cu sulphide minerals. Natural orbicular graphite is a special phenominen as a unusual graphite mine. The microstructure could be helpful for formation mechanism explanation, and also beneficial for the production of new carbon materials.