In order to reveal the mechanism of noise generation from CVT (Continuously Variable Transmissions) using a dry hybrid V-belt, the power spectrum of sound from a two-pulley CVT system and its variation with respect to rotational speed were measured. The experimental results showed that the frequency of the first peak in the power spectrum of the observed sound linearly increased with increasing the rotational speed of the pulley. The sound frequency of the first peak coincides with the frequency derived from the belt block pitch and the belt speed. Then, sound intensity analyses were conducted to identify noise sources of CVT. The experimental results reveal that unpleasant sound whose frequency is high occurs due to the collision or slip between CVT blocks and the pulley groove at the entrance and the exit of V-groove pulleys. Pulley surface roughness strongly affects the noise level. Additionally, the location of noise source varies due to surface roughness of the pulley groove. Movement of blocks in the radial direction at the entrance of the pulley groove is strongly related to the noise.