Provided is a metal belt for a belt-driven continuously variable transmission in which metal elements are capable of keeping the compliance value small even when defamed. Each metal element of the metal belt includes a body portion located radially inward of metal rings, an ear portion located radially outward of the metal rings, and a neck portion sandwiched by the pair of metal rings and connecting the body portion and the ear portion. At least one of a front surface and a rear surface of the metal element has a recess at a center region in a right-left direction of the ear portion, and the depth of the recess is larger than the amount of curving in a front-rear direction of the ear portion.