A transmission belt includes: an endless annular hoop formed by overlapping a plurality of thin strip-shaped rings; and a multiplicity of elements supported by the hoop in an annularly arranged state along the hoop, the elements including a saddle surface pressed against an inner circumferential surface of a first ring located at the innermost circumference of the hoop, the transmission belt wound between a plurality of pulleys to transmit power and having a shape in the width direction of the first ring elastically deformed in accordance with the saddle surface in a pressed state while the inner circumferential surface of the first ring is pressed against the saddle surface, wherein the saddle surface is curved as a whole such that a center portion in the width direction bulges out, and wherein a degree of bulging-out of the center portion is smaller as compared to a degree of bulging-out of peripheral portions on the both sides, and the first ring is formed into a curved shape with a center portion in the width direction bulging out toward the outside in a natural state, and when both side portions in the width direction are brought into close contact with the peripheral portions of the saddle surface in a pressed state, the first ring is turned into a curved shape as a whole such that a center portion in the width direction bulges out in accordance with the shapes of the peripheral portions, and wherein the pressing load against the saddle surface is reduced in the center portion in the width direction or a gap is formed.