A belt for use in a continuously variable transmission comprises an annular hoop of laminated metal elements each having a body and a head joined thereto with a pair of recesses defined therebetween, and a pair of rings inserted respectively in the recesses and each comprising a plurality of laminated metal web-shaped rings. The belt is manufactured by an element production line for producing the elements through a plurality of processes, a ring production line for producing the laminated rings through a plurality of processes parallel to the element production line, and a belt assembly line joined to the element production line and the ring production line, for bundling the elements with the laminated rings thereby to assemble the belt. The elements are inspected for a produced state thereof at a terminal end of the element production line and those elements which are judged as acceptable are sent to the belt assembly line. The laminated rings are inspected for a laminated state thereof at a terminal end of the ring production line and those laminated rings which are judged as acceptable are sent to the belt assembly line. Belts are inspected for an assembled state at the belt assembly line and those belts which are judged as acceptable are delivered as products.