Provided are a continuously variable transmission and a bicycle. The transmission includes a base, a first drive wheel, a speed change generating wheel provided with first limiting structures distributed at equal intervals along its circumference, first locking members slidably mounted on one side of the speed change generating wheel and have a locked state fixed relative to the first drive wheel and an unlocked state capable of sliding circumferentially along the first drive wheel, and a first speed regulating wheel rotatably mounted on the outer side of the base, coaxially arranged with the first drive wheel, and equipped with a first trigger mechanism for switching the first locking member between the locked and unlocked states. When the first drive wheel maintains a constant speed, rotating the first speed regulating wheel alters the rotational speed of the speed change generating wheel, thereby meeting the demand for personalized adjustment of pedaling force.