An advanced numerical model is proposed to analyze the power transmitting mechanisms of a CVT using a metal V-belt. By using the present model, forces acting on the belt are well estimated not only at steady states but also during transitional states where the speed ratio is changing. The numerical results show that blocks are in compression in both strands when the speed ratio is rapidly shifted. A complementary model is also developed to analyze the load distribution among bands which form the ring. The load distribution in the ring is governed by the difference in coefficients of friction among elements.