Variable gauge rolling (VGR) is a new technology for producing the materials which have the advantage of lightweight due to optimized thickness according to load distribution. The new progresses in the theoretical research and application of VGR are reviewed in this paper. Two basic equations, VGR-f and VGR-s, were deduced. The former is a new differential equation of force equilibrium, and the latter is a new form of formula for the law of mass conservation. Both of them provide a new base for the development of VGR analysis. As the examples of VGR’s application, tailor rolled blank (TRB) and longitudinal profile (LP) plate are introduced. Now TRBs are only produced in Germany and China, and have been used in the automotive manufacturing to play an important role in lightweight design. LP plates have been used in shipbuilding and bridge construction, and promised a bright prospect in reducing construction weight. In addition, new technologies and applications of VGR emerge constantly. Tailor welded strips and tailor rolled strips with variable thickness across the width can be used for progressive die and roll forming. The 3D profiled blank can be obtained by two-step rolling process. Tailor tubes with the variable wall thickness are an efficient way to reduce the weight. The blank with tailored thickness and mechanical property is also under development. Above products based on the tailored ideas provide a new materials-warehouse for the designers to select so as to meet the needs of weight reducing and material saving.