A continuously variable transmission belt, including a metal ring assembly including a plurality of metal rings, and a plurality of metal elements which are retained by the metal ring assembly and each has a saddle surface contacted with an inner circumferential surface of the metal ring assembly. The saddle surface includes opposed end peripheries spaced from each other in a traveling direction of the belt and a curved portion located at each of the opposed end peripheries. The curved portion has a range length extending in the traveling direction of the belt and a radius of curvature larger than the range length. The metal element is produced by a method including subjecting a metal sheet to presswork to form a workpiece, subjecting the workpiece to heat treatment and deburring and then to preliminary beveling and subsequent beveling.