The increasing demand for customized products and rapid prototyping triggers the development of dieless forming process where the need of part-specific dies is eliminated compared to conventional forming processes. This paper presents a heat-assisted three-roll incremental rolling system capable of producing rods and tubes of various diameters without the need for die/tool replacement. The system incorporates two possible heating mechanisms, namely, an induction heater and a high-current power supply for electrically assisted forming. Due to its high flexibility and hot forming ability, this rolling system is ideal for low volume production or scientific research. The newly fabricated rolling machine was initially evaluated using low carbon steel rods. The experiments have shown that the machine can produce metallic rods down to 6 mm in diameter without apparent spiral marks on the outer surface of the rolled product using multiple passes. The finite element method (FEM) was used to analyze the reaction moment, depth of the spiral marks, and the effect of axial feeding speed on the spiral marks. The simulation model predicted the results of the experiments with less than a 10% error. The work established a flexible rolling platform for possible future research, which can include the study of interface behavior in the thermo-mechanical rolling processes, and the study of material behavior in this multi-axial multi-physics environment.