A conveyor belt includes a core layer disposed between an upper cover rubber layer and a lower cover rubber layer. The core layer is configured from a plurality of steel cords covered by cushioning rubber and arranged in parallel. The rubber that forms the lower cover rubber layer is a low loss rubber that has a loss factor tanδ of 0.07 or less at a frequency of 10 Hz, 2% dynamic strain, and temperature of 20° C. The maximum thickness of the cushioning rubber is reduced to not more than ⅓ the nominal diameter of the steel cords.