Plates are flat structural elements whose thickness is small in relation to the size of the surface. Their use may include engine foundations, reinforced concrete bridge elements or parts of various floating structures. Consequently, knowledge of their mechanical behavior under static and dynamic loads is of primary importance in engineering applications and of interest from a structural point of view. As a result, numerous works existing in the literature have investigated the mechanical properties of plates using various plate models, such as Reissner’s theory, Levinson’s theory, Kirchhoff’s theory and Mindlin’s theory, and their static and dynamic behavior has been examined. In the present paper the truncated Uflyand–Mindlin plate equation is proposed. According to Uflyand–Mindlin theory, an alternative theoretical formulation is presented for the free-vibration analysis of plates, and the equations of motion and the general corresponding boundary conditions are derived. This paper develops the truncated Uflyand–Mindlin plate equation, i.e., without the fourth-order derivative, by means of the direct method and variational formulation. The first-order shear deformable plate theory developed by Elishakoff, which takes into account rotational inertia and shear deformation and does not include a fourth-order time derivative, is variationally derived here. This derivation complements that performed by Mindlin some 70 years ago. The innovative aspect of the suggested strategy is that variational and direct methods for studying plate dynamics are analogous. Finding the third equation of the reduced Uflyand–Mindlin equations, the accompanying boundary conditions and their mathematical resemblance are the goals of the presented formulations. In order to solve the dynamic equilibrium problem of a truncated Uflyand–Mindlin equation via a variational formulation, it is demonstrated that the differential equations and the corresponding boundary conditions have the same form as those found using the direct technique. This paper successfully completes this task. Finally, in order to validate the effectiveness and correctness of the proposed procedure, a numerical example of the case of a plate simply supported at all four ends is proposed.