A dynamic analysis of the metal V-belt CVT using a multi-body dynamic model is conducted. A dynamic model is derived based on the multi-body dynamics considering the driving mechanisms for a metal V-belt CVT system. The metal V-belt CVT system is considered as a multi-body system composed 302 bodies, i.e., a driving pulley, a driven pulley, and the 300 blocks. The ring is modeled as the spring-damper element. Considering the contacts between the pulley, the block and the ring, the theoretical formulae were derived. The simulation program using MS-Visual Studio C++ is developed to find the metal block trajectories and to calculate the forces acting on the block and the ring by changing the speed and torque ratios. In this study, the simulation is only conducted under the steady state and the transient state is not considered. The simulation results of the ring tension and six forces acting on a block are found to be in good agreement with the corresponding experimental results.