The current loaded tooth contact analysis of cycloid drives based on the assumption of theoretical positions of ring pins ignores the deviations caused by manufacturing errors and elastic deformations, which are not in agreement with reality. To fill this gap, an improved load distribution model of the mismatched cycloid-pin gear pair with ring pin position deviations is presented for a component-level analysis. Firstly, with the cycloid gear tooth profile geometry defined, the unloaded tooth contact analysis is applied as a pre-processor to determine the potential contact points, the gear backlash, and the rotation angle of the cycloid gear. Secondly, due to the statically indeterminate structure of the multi-tooth contact, a varying nonlinear contact stiffness is introduced to establish the relation between force and deformation. Then, the force and moment equilibrium equations with compatibility conditions are solved by using an iterative approach. With this, detailed parametric case studies are presented to verify the correctness of the proposed model by comparing it with those predicted by the current model and to demonstrate the influences of ring pin position deviations on the distributed load, contact stress, loaded transmission error, and instantaneous gear ratio of the mismatched cycloid-pin gear pair. This study provides a deeper investigation into the load distribution characteristics of the cycloid drive and therefore can be employed to assist in gear design.