The measure adopted Friday calls the situation in Lebanon a threat to international peace and security and calls for a full cessation of hostilities, including Hezbollah attacks and Israeli offensive military operations.
The Israeli and Lebanese governments have indicated Friday they will accept the cease-fire resolution but it must be voted on in both countries.
Lebanese officials are to consider the resolution Saturday, and Israel will take up the issue Sunday.
Addressing the council, U.N. Secretary-General Kofi Annan said the council's failure to act more quickly to end the bloodshed has badly shaken the world's faith in the Security Council.
He also said only long-term solutions will ensure lasting peace.