The present study reports a novel physical model for simulating Pulsating Heat Pipes (PHP). Their high heat performance is due to the phase change over thin liquid films. The simulation of physically correct film behavior is thus crucial. The model adopts the one-dimensional approach, which is computationally efficient yet still capable of capturing major physical phenomena. The model assumes a spatially uniform film thickness, whereas both the film thickness and length can vary over time; therefore, we call it the oscillating film thickness model. It is based on the physical analysis of liquid film deposition by the receding menisci of Taylor bubbles and of contact line dynamics. Three key phenomena are addressed: (i) film deposition, (ii) contact line receding due to dewetting acceleration by evaporation, and (iii) mass exchange over films and contact lines. The model is evaluated by simulating the simplest, single-branch PHP, for which detailed experimental data are available. A quantitative agreement is reached. As the model includes the wetting properties, their impact on oscillations is analyzed; a qualitative agreement with the experiment is demonstrated.