A continuously variable transmission belt has rings (17) each constructed by superimposing annular component pieces (26) on each other's inner and outer peripheries, and a plurality of elements (18) attached to the rings (17) side by side in a circumferential direction. Each of the elements (18) is provided with a neck portion (20). The rings (17) are disposed on two opposite sides of the neck portion (20). The elements (18) contact a driving pulley (5) and a driven pulley (6). This belt includes a lubrication oil discharge mechanism (25, 27) that discharges out a lubrication oil that is m atleast one of a gap between the component pieces (26), and a gap between each ring (17) and the elements (18). The lubrication oil discharge mechanism (25, 27) has a construction in which a function ofdischarging the lubrication oil present in a region (B 1, D1) remote from the neck portion (20) is higher than a function of discharging the lubrication oil present in a region (A1, C1) near the neckportion (20). Due to this structure, the rings (17) to which the elements (18) are attached or the component pieces (26) of the rings (17) restrain the decline in the centering characteristic in thewidth direction.