In this paper, a primary pressure regulating type ratio control system is developed for a metal belt CVT, and the CVT ratio changing characteristics are investigated by simulation and experiment. The hydraulic part of the ratio control system has a simple structure with one 3-way spool valve as a main ratio control valve and one bleed type variable force solenoid as a pilot valve. The mathematical modelling of the CVT hydraulic system is derived by considering the CVT shift dynamics. Simulation results of CVT speed ratio and the primary pressure agree with the experimental results demonstrating the validity of the dynamic models. It is found from the simulation and experimental results that the response time of speed ratio and primary pressure can be shortened by increasing the ratio control valve port area, and the size of feedback orifice of ratio control valve gives a damping effect on the primary pressure oscillation.