In a unanimous statement backed by China, the council said the launch was carried out just three weeks after a first missile overflew Japan and less than two weeks after Pyongyang's sixth and biggest nuclear test.
North Korean leader Kim Jong Un has vowed to achieve the "final goal" of "equilibrium of force" with the United States, to make Washington "dare not talk about" military action against the country.
Also on the agenda: the Iran nuclear deal, Mideast peace, and United Nations reform efforts.
And there's little sign that talks involving the U.S., North Korea and other interested countries can be arranged amid the nearly weekly barrage of weapons tests and threats, let alone stop the North's determined nuclear march.
Asked about the prospect for direct talks, a White House spokesman said, "As the president and his national security team have repeatedly said, now is not the time to talk to North Korea".
The UN Security Council, which has condemned Friday's launch as "highly provocative", will hold a new ministerial-level meeting Thursday on the proliferation of weapons of mass destruction, focused on enforcing sanctions on Kim's regime, diplomats said.
"For those. who have been commenting on a lack of a military option, there is a military option", he said, adding that it would not be the Trump administration's preferred choice. "Now it's not what we prefer to do". But the North American Aerospace Defence Command (NORAD) had said the ballistic missile did not pose a threat to North America. Some 25 million people live in the metropolitan area of Seoul, U.S. ally South Korea's capital, well within range of the North's extensive artillery.
Trump said America and its allies will never be intimidated. North Korea also has the world's largest standing army.
Trump's own account of the conversation, which kicked off an unbridled salvo of early morning tweets, struck a less diplomatic tone. She expected a Trump call for maximum pressure on North Korea.
"Honestly, I think the United States should be doing. much more than now, so that there's real effective global cooperation on this issue", China's ambassador to the United States, Cui Tiankai, said on Friday.