Pulley misalignment limits the performance of V-ribbed belt/pulley system as it relates to rib load-sharing and contact pressure distribution for multiple rib belts required in high torque demands of modern automotive applications. In this paper, a three-dimensional dynamic finite element model is built to evaluate the effects of pulley misalignment. The model consists of a pulley and a segment of V-ribbed belt in contact with the pulley. A material model of belt, including rubber compound and reinforcing cord is developed. Multiple rubber layers are each considered hyperelastic with distinct material characterization parameters. A novel neural-network-based hyperelastic material model is implemented to represent properties of nonlinear elastic belt-rib compound. The models are implemented in the commercial code ABA-QUS/Explicit to simulate the misalignment of the beltpulley system. The developed model is first validated by experimental measurements of pulley lateral force due to misalignment. Also, three common types of misalignment in the belt-pulley system are analyzed and results are presented.