This paper explains development of the general mathematical model of trochoidal gearing that can be applied for gerotor pumps and cyclo reducers. The model analyzes geometry and physics of the gearing pair in trochoidal pump where the outer gear has one tooth more than the inner gear. The inner gear profile is described by peritrochoid equidistance and the outer gear profile by circular arc. Mathematical model of gearing with clearances is based on the principle of an ideal profile development. Minimum clearance height between teeth profiles in relation to instantaneous gear ratio is determined. The influence of gear profile geometrical parameters on gearing process, clearance height change, and pulsation of drive moment is analyzed and presented in numerical examples. Obtained results can be used for the design of the trochoidal gearing where accurate and silent operation is required.