Disclosed is a transmission oil composition for use in a push belt continuously variable transmission (CVT). The push belt CVT oil composition includes a hydrogenated base oil or a synthetic base oil admixed with a viscosity control agent, a dispersing agent, a friction control agent and other additives at specific ratios and provides improved friction characteristics, durability, thermal stability, oxidation stability and transmission performance. It can be used at various temperature ranges and can provide improved transmission efficiency (fuel efficiency).