Biaxial stretching of polymers is a common processing technology for the production of films in numerous applications, including food packaging and labels. There are two primary industrial processes for production of biaxially oriented films, the tenter frame method and the double-bubble method. While the former method is mainly used to produce mono-layer films, the latter one is also used for biaxial stretching of multi-layer films and has recently been extended to the so-called “triple-bubble” method, where the last bubble allows for setting of the film after biaxial deformation. The aforementioned industrial methods require large and expensive equipment as well as large amounts of materials. Therefore, several types of techniques have been utilized to investigate the biaxial stretching of films on a laboratory scale. However, these small-scale methods do not allow for continuous drawing and often result in non-homogeneously oriented samples. In this study we present a lab-scale method to produce biaxially oriented films which emulates, to some extent, the triple-bubble process. The method involves biaxial solid-state deformation of a polymer precursor tube over a heated V-shaped metal mandrel. Both the feeding speed of the tube as well as the pulling rate of the film are perfectly controlled, which ensures production of biaxially oriented films with controlled in-plane orientation in the machine and transverse directions. The process of biaxial deformation is modelled theoretically, assuming that the stress during plastic deformation of the polymer at elevated temperatures mimics the stress in a cross-linked rubber. The experimental data are in good agreement with our theoretical model. Finally, we will demonstarte our method to a number of case studies, such as the solid-state biaxial deformation of isotactic polypropylene and poly(L-lactic acid).