A rotary cutting tool for slotting and a cutting insert replaceably mounted to such a rotary cutting tool. The cutting insert is mounted to an insert pocket of a tool body of the rotary cutting tool and is pressed by an elastic pressure portion provided in the tool body. The cutting insert has an upper surface, a lower surface and four peripheral side surfaces. The top and lower surfaces have an inclined surface pressed by the elastic pressure portion. When the cutting insert is mounted to the insert pocket, the inclined surface of the upper surface is pressed by the elastic pressure portion. The inclined surface is inclined with respect to a cross section of the cutting insert such that the lower surface and two peripheral side surfaces of the cutting insert are contacted with the insert pocket by pressure of the elastic pressure portion.