The invention relates to an eight-edged rotatable and reversible cutting insert having two opposite, substantially square base surfaces which are twisted relative to one another about a central axis running perpendicularly to said base surfaces, and having four identical side surfaces. A main lip is formed between each base surface and each side surface and extends only over part of the length of the side surface. Each side surface has two diagonally opposite corner edges which are of circular or curved design and form a secondary lip adjacent to the respective main lip. In addition, each side surface has two chip pockets which are drawn into the side surface and which, starting from the respective corner edge, extend along the main lip assigned to said corner edge up to a rear chip pocket end.