An advanced numerical model is proposed to analyze the power transmitting mechanisms for CVT (Continuously Variable Transmissions) using a dry hybrid V-belt. The model consists of linear springs representing the rigidities of blocks, rubber and cord, and interface elements which identify slippage between a pulley and blocks. By using the present model, forces acting on the belt were calculated not only at steady states but also during transitional states where the speed ratio is shifted. Calculated results well coincide with experimental ones. The behavior of blocks in a pulley groove and the relation between pulley thrusts and the properties of shifting the speed ratio are revealed.