We proposed a discrete model consisting of linear springs and interface elements in order to analyze the power transmitting mechanisms of CVT using a dry hybrid V-belt not only at steady state but also at transitional state where the speed ratio was changing. The effect of pulley deformation due to pulley thrust on power transmission was examined in the advanced numerical model. The calculated results showed that the pulley deformation slightly affected the pulley thrust ratio between driving and driving pulleys although the trajectory of blocks was significantly influenced by pulley deformation. Pulley deformation also affected the power transmitting efficiency meaningfully.