A metal belt includes a metal ring assembly formed from a plurality of layered endless metal rings, and a large number of metal elements supported on the metal ring assembly, the metal belt assembly being wound around a pulley and transmitting a driving force. The clearance between adjacent metal rings is set to be in a range from negative to positive from the innermost ring to a middle ring and to be only positive from the middle ring to the outermost ring. Therefore, good lubricating conditions can be maintained by virtue of the clearance being always positive for sliding surfaces of the metal rings from the middle ring to the outermost ring, for which lubrication easily becomes insufficient in the prior art. Thus the behavior is stabilized, preventing a side face of the metal ring from coming into dynamic contact with a metal ring contact face of a neck portion of the metal element, and maintaining the tension of the metal ring in the innermost ring at a low level, so that friction is suppressed to extend the life of the ring.