An experiment was conducted to demonstrate the improvement of the fatigue strength of the elements of a continuously variable transmission (CVT) steel belt by cavitation shotless peening (CSP). Elements were treated with different processing times and evaluated by a fatigue test to find the optimum processing time. The residual stress was measured to evaluate the peening effect of CSP, which was further applied to the element using cavitation jet apparatus. The fatigue strength of the element was evaluated and the residual stress was measured by x-ray diffraction using 2D method with a two-dimensional position sensitive proportional counter (2D PSPC). It was revealed that the fatigue strength of the element could be improved by 48% by CSP. It was also shown that the CSP can introduce compressive residual stress even into the surface of deep and narrow cavities.