The machine for balancing vehicle wheels comprises a base frame supporting a substantially horizontal balancing spindle, a lifting device for lifting a vehicle wheel to be fitted/removed to/from the balancing spindle, contact-free reading means of the profile of the tire associated with the base frame, and a processing and control unit operatively associated with the lifting device and with the reading means and suitable for calculating the position of the center of the wheel in accordance with the values read by the reading means, and for stopping the lifting device in an end-of-lifting position, in which the wheel center is substantially at the same height as the balancing spindle.