Rotatable multi-operation tool including replaceable cutting inserts of different types, and a basic body rotatable around a center axis with rear and front ends from which there is extending rearward an envelope surface in which at least one chip space is countersunk, which opens in the envelope surface and in the front end. A first cutting insert type is mounted in a first insert seat formed in one side surface of the chip space in the immediate vicinity of the front end and included in a cavity opening in the front end for the cutting insert to partly protrude axially forward from the front end. A second cutting insert type is mounted in a second insert seat formed in the same side surface as the first insert seat and situated axially behind the first insert seat and included in a cavity opening in a part of the envelope surface.