Due to those disadvantages of the cycloidal-pin wheel transmission, such as low efficiency, low bearing capacity and poor rigidity, a new kind of axis-fixed cycloid transmission is proposed after generalizing those advantages of axis-fixed drive, cycloid drive and oscillating-tooth drive. Special output mechanism is unnecessary here because the motion is exported directly by the cycloid gear. Thus, there are many advantages of this new transmission-simple structure, small size, high transmission efficiency and large torsional stiffness. The transmission theory and basic structure are analyzed and the formula for the transmission efficiency is derived. A prototype is manufactured and the efficiency experiment is carried out on the test bed. The experimental result verifies the correctness of the therotical analysis.