Machine for applying at least one counterweight to a rim of a wheel to balance said wheel, wherein said at least one counterweight is a part of a strip comprising a plurality of counterweights, which are placed next to one another and provided with a respective adhesive side, and a protective film which is removable and placed on said adhesive side of said counterweights; said machine comprising: a frame; a first accumulating system which is configured to accumulate said strip and comprises at least one first element (131, 132) having a fixed position in said frame, on which said strip is able to be at least partly wound, and at least one second element (133, 134), on which said strip is able to be at least partly wound, which is movable relative to said at least one first element (131, 132) between a position of minimum storage of said strip, where said at least one second element (133, 134) is at a first distance from said at least one first element (131, 132), and a position of maximum storage of said strip where said at least one second element (133, 134) is at a second distance, which is larger than said first distance, from said at least one first element (131, 132); separating means which are configured to progressively separate, in use, said protective film from said plurality of counterweights and operatively placed downstream of said first accumulating system; applying means which are configured to apply, in use, at least one counterweight to a rim and operatively placed downstream of said separating means; and a second accumulating system which is operatively placed downstream of said separating means and configured to accumulate, in use, said protective film, said second accumulating system comprising at least one third element (151C, 151D) having a fixed position in said frame, on which said protective film is able to be at least partly wound, and at least one fourth element, on which said protective film is able to be at least partly wound, which is movable relative to said at least one third element (151C, 151D) between a position of minimum storage of said protective film, where said at least one fourth element is at a third distance from said at least one third element (151C, 151D), and a position of maximum storage of said protective film where said at least one fourth element is at a fourth distance, which is larger than said third distance, from said at least one third element (151C, 151D), such that, in use, said first accumulating system allows storing said plurality of counterweights and said second accumulating system allows storing said protective film based on the frequency of application of said counterweights on said rim by said applying means. a frame; a first accumulating system which is configured to accumulate said strip and comprises at least one first element (131, 132) having a fixed position in said frame, on which said strip is able to be at least partly wound, and at least one second element (133, 134), on which said strip is able to be at least partly wound, which is movable relative to said at least one first element (131, 132) between a position of minimum storage of said strip, where said at least one second element (133, 134) is at a first distance from said at least one first element (131, 132), and a position of maximum storage of said strip where said at least one second element (133, 134) is at a second distance, which is larger than said first distance, from said at least one first element (131, 132); separating means which are configured to progressively separate, in use, said protective film from said plurality of counterweights and operatively placed downstream of said first accumulating system; applying means which are configured to apply, in use, at least one counterweight to a rim and operatively placed downstream of said separating means; and a second accumulating system which is operatively placed downstream of said separating means and configured to accumulate, in use, said protective film, said second accumulating system comprising at least one third element (151C, 151D) having a fixed position in said frame, on which said protective film is able to be at least partly wound, and at least one fourth element, on which said protective film is able to be at least partly wound, which is movable relative to said at least one third element (151C, 151D) between a position of minimum storage of said protective film, where said at least one fourth element is at a third distance from said at least one third element (151C, 151D), and a position of maximum storage of said protective film where said at least one fourth element is at a fourth distance, which is larger than said third distance, from said at least one third element (151C, 151D), such that, in use, said first accumulating system allows storing said plurality of counterweights and said second accumulating system allows storing said protective film based on the frequency of application of said counterweights on said rim by said applying means.