In Metal V-belt type CVT, an elastic deformation of blocks determines the shifting speed and the pulley thrusts at transitional state. Both driving and driven pulley thrusts were calculated by considering the forces acting on blocks at a pulley entrance, which agreed with the experimental results at not only steady state but also transitional state. The frictional performance of CVT fluids and the frictional characteristics between blocks and a pulley were evaluated by applying the mean coefficient of friction as a friction parameter. It was found from the experiments that the estimated coefficient of friction of CVT fluids was not constant with respect to operating conditions. It changed due to relative sliding speed between blocks and the pulley, sliding direction and normal pressure acting on V-surface of the block.