This paper studies the dynamics and noise of timing belt. A comprehensive theoretical contact dynamics model for belt tooth-sprocket tooth pair is developed. The general belt dynamics model in conjunction with the contact model is used to quantify the impact-sliding process of belt tooth. The effect of tooth meshing process is illustrated which results in the vibrations of belt span and tooth vibrations. The structural borne noise consists of structural impact portion and friction-induced portion. The relationship between system parameters and noise is quantified. The air borne noise due to air-pumping is investigated based on Lighthill's equation. A comprehensive model is developed and the spectrum signatures of the air-pumping noise are illustrated.