The inertial continuously variable transmission is a mechanical transmission which is based on the principle of inertia. This transmission has a lot of advantages, namely: compactness, minimum friction losses and high efficiency as a result of the relatively small number of rotating components, a wide range of transformation of the torque. It does not need any conventional friction clutches. This transmission protects the engine from overload when the output shaft is braked. This drive guarantees optimum conditions of work for the engine regardless of the changing of load, and smoothly changes output speed according to the load.Mostly, design of this transmission consists of a pulsed mechanism with unbalanced inertial units and two one-way clutches. The pulsed mechanism is well developed and possesses high reliability. However, the one-way clutches are the most unreliable parts of the transmission and restrain wide use of the transmission. In this paper a new design of the inertial transmission with the only one-way clutch is considered. This transmission provides a higher level of the load ability.The object of the investigation is the external characteristic of the inertial transmission with the only one-way clutch. The physical and mathematical models of this transmission are used. Besides, periodic solutions of the equations were received by means of the numerical methods. It was shown that the resulting external characteristic is close to an ideal one.