RV reducers contain multi-tooth contact characteristics, with high-impact resistance and a small backlash, and are widely used in precision transmissions, such as robot joints. The main parameters affecting the transmission performance include torsional stiffness and transmission errors (TEs). However, a cycloid tooth profile modification has a significant influence on the transmission accuracy and torsional stiffness of an RV reducer. It is important to study the multi-tooth contact characteristics caused by modifying the cycloid profile. The contact force is calculated using a single contact stiffness, inevitably affecting the accuracy of the result. Thus, a new multi-tooth contact model and a TE model of an RV reducer are proposed by dividing the contact area into several differential elements. A comparison of the contact force obtained using the finite element method and the test results of an RV reducer prototype validates the proposed models. On this basis, the influence of load on the different modification methods is studied, including a TE, the mechanical performance, and the transmission efficiency. In addition, the proposed reverse profile is particularly suitable for situations with a large clearance and torque. This study provides a reliable theoretical basis for a multi-tooth contact analysis of a cycloid profile modification.