In this paper, finite element models of the strip shape during cold rolling of thin strip in both symmetrical and asymmetrical rolling cases have been successfully developed, and the effects of rolling parameters on strip shape such as the thickness distribution along the strip width have been obtained. The strip edge drop and shape are discussed under both symmetrical and asymmetrical rolling conditions. Simulation results show that the asymmetrical rolling can reduce the strip edge drop dramatically, which is useful in improving the strip shape and reducing the energy cost during cold rolling of thin strip. The developed finite element model has been verified with the experimental value. The obtained results are applicable to control the rolled thin strip shape in practice.