A new discrete model was developed in order to analyze the power transmitting mechanisms of a dry hybrid V-belt CVT not only at steady states but also at transitional states where the speed ratio was changing. Block tilting in the pulley was considered in the advanced numerical model as well as pulley deformation due to pulley thrust. The validity of the present model was well confirmed by comparing the calculated results on transmitting and normal forces with the former experimental results. The calculated results showed that both block tilting and pulley deformation meaningfully affected the pulley thrust ratio between the driving and the driven pulleys.