The mechanism causing the micro slip characteristic of a metal CVT belt during torque transmission was analyzed, focusing on the gap distribution between the elements. It was hypothesized that gaps between the elements cause slip to occur between the elements and the pulleys when the belt is squeezed between the two halves of the pulleys, and the slip ratio was calculated theoretically on that assumption. The μ-v (friction coefficient versus sliding velocity) characteristic between the elements and the pulleys was measured and the results were used in calculating the slip ratio. As a result, a simulation procedure was developed for predicting the slip-limit torque of the belt on the basis of calculations. The slip ratio found by simulation and the calculated slip-limit torque showed good quantitative agreement with the experimental data, thereby confirming the validity of the simulation procedure. This simulation procedure was then used to analyze the effect of the pulley ratio and pulley clamping force on the slip ratio and slip-limit torque. The results yielded a method for determining a suitable pulley clamping force.