A rolling mill equipped with an on-line roll grinding system comprising a disk type grinding wheel positioned to face one of a pair of mill rolls for grinding one said mill roll, grinding wheel drive means for positively rotatably rotating said grinding wheel separately from rotational drive of said mill roll, grinding wheel movement means for pressing said grinding wheel against said mill roll, and grinding wheel traverse means for moving said grinding wheel in the axial direction of said mill roll,
- wherein said grinding wheel comprises a wheel disk and an abrasive layer formed on one side of said wheel disk at a location spaced radially outwardly of a rotational axis of said wheel, said wheel disk being configured to have a spring constant so as to be sufficiently elastic to allow a portion of the wheel disk contacting the mill roll being ground to locally elastically bend while being pressed against the mill roll and function by itself as an elastic body to absorb vibration from said mill roll being ground during grinding of said mill roll and to thereby suppress chattering on the roll during rolling operations.