An experimental and numerical study of cold rolling lubricated by O/W emulsion has been carried out. The experimental measurements are compared to the computed results from the numerical scheme developed by the authors. The scheme, which is based on two-phase lubricant model, is able to calculate oil concentration at any point within the inlet zone and work zone, rolling pressure, film thickness, and fractional contact ratio associated with strip rolling under mixed film lubrication at different rolling speed. The study encompassed extensive mixed film regime for speed, S ranges from 10−5 to 10−1, and supply oil concentration level λds ranges from 1% to 10%, and oil droplet size ranges from Ds from 5 to 20. The numerical results show the occurrence of moderate oil concentration increase in the inlet zone followed by a sharp one at the beginning of the work zone. The effect of the concentration process is predominantly seen in the film thickness and the lubricant pressure whilst its effect on the total pressure is less pronounced. The analysis of the results suggests that it is possible to lower the emulsion oil concentration without detrimental effects on the rolling process and indeed use this principle to control the outlet lubricant film thickness.