A novel friction drive—a metal belt drive with magnets (MBDM)—is proposed in this paper, and its structure and principle are introduced. Based on theories of friction drive and electromagnetism, a mechanical model of the MBDM is presented and a Euler formula of this drive is deduced. Finally, several performance parameters of the MBDM are experimentally measured and compared to conventional belt drives. The results show that the MBDM transmits motion and power by using the coupling action between the magnetic attraction and initial tension. The transmission efficiency of the MBDM can reach 95–98%, while its elastic creep rate is <0.1% under normal running conditions.