A continuously variable transmission (CVT) offers a continuum of gear ratios between desired limits. The present research focuses on developing a continuous one-dimensional model of the metal V-belt CVT in order to understand the influence of pulley flexibility and friction characteristics on its dynamic performance. A metal V-belt CVT falls under the category of friction-limited drives as its performance and torque capacity rely significantly on the friction characteristic of the contact patch between the belt element and the pulley. Since the friction characteristic of the contact patch may vary in accordance with the loading and design configurations, it is important to study the influence of the friction characteristic on the performance of a CVT. Friction between the belt and the pulley sheaves is modeled using different mathematical models which account for varying loading scenarios. Simple trigonometric functions are introduced to capture the effects of pulley deformation on the thrust ratio and slip behavior of the CVT. Moreover, since a number of models mentioned in the literature neglect the inertial coupling between the belt and the pulley, a considerable amount of effort in this paper is dedicated towards modeling the inertial coupling between the belt and the pulley and studying its influence on the dynamic performance of a CVT. The results discuss the influence of friction characteristics and pulley flexibility on the dynamic performance, the axial force requirements, and the torque transmitting capacity of a metal V-belt CVT drive.