V-shaped Variable Thickness Rolling (V-VTR) serves as a specialized cold rolling method for manufacturing rolled profiled strips, particularly useful for quickly preparing rolled profiled strips with large thickness ratios. In the process of variable thickness rolling, metal predominantly flows in the lateral direction. However, there is a scarcity of theoretical models for calculating the rolling force of variable thickness rolling, leading to a void in theoretical guidance for both device design and product thickness control. To fill this gap, we introduce a novel mathematical model specifically designed to calculate the rolling force, considering the lateral flow of the metal. Initially, the deformation pattern is investigated and subsequently modeled. Then, the models for kinematically permissible velocity and strain fields are developed, and their validity is confirmed through both experimental data and simulation analysis. Incorporating factors like strain energy and frictional work, a formula for rolling force of variable thickness rolling is derived based on the upper bound theory. The efficacy of this newly proposed rolling force model is confirmed through experimental testing, which indicates that the formula offers a high degree of accuracy.