To provide a power transmission belt and a method of producing the same that allows lightweight elements to be produced at low cost and allows the durability to be sufficiently ensured, the power transmission belt includes a plurality of elements each having both side end surface portions, a rocking edge portion rockably engaged with either one of a pair of other elements neighboring the element, and a concave-convex engagement portion engageable with the pair of other elements, in which each of the elements has a plate-like portion, a first convex portion projecting from one surface of the plate-like portion, and a second convex portion projecting from the one surface of the plate-like portion in a spaced relationship with the first convex portion to constitute the rocking edge portion, and each of the elements is engaged with the pair of other elements so as to press against one another by the first convex portion and the second convex portion.