A wrapping machine for pallets of the type comprising a fixed frame on which there is mounted a annular structure surrounding a product (C) to be wrapped and translatable with respect thereto, wherein a film of plastic material is distributed around said product by the annular structure, wherein said annular structure has a configuration in the form of an epicycloidal gearing in which the spider, the planetary gears and the driving gear consist, respectively, of an annular support, a set of rollers (3) rotatably mounted on parallel axes mounted on said annular support along a circular line, and a driving element (6) operated by motor means (7) and acting on said rollers, and wherein said film is supplied from the outside of said annular structure and, crossing said annular structure between two of its adjacent rollers, is distributed internally by the rotation of said annular structure, so as to be applied in turns on said product.