A power transmission belt low in cost and preventing work precision from being lowered and life expectancy of a metal press working mold from being decreased and a method of producing such a power transmission belt are provided. The power transmission belt includes endless band-like rings, and a plurality of elements bonded into an annular shape by the endless band-like rings. Each of the elements has both side end surface portions pressed between pulleys in the belt width direction, a rocking edge portion serving as a fulcrum when rocked in the state that the elements are partly wound around the pulleys, and a concave-convex portion engageable in concave-convex engagement with the concave-convex portions of a pair of neighboring elements. Each of the elements is formed with a curved inclination surface between the rocking edge portion and the concave-convex portion to have an inclination angle reduced toward the concave-convex portion.