In this study, the time varying boundary control using the right boundary transverse motion is suggested to stabilize the transverse vibration of an axially moving string on the basis of the energy flux between the moving string and the boundaries. The effectiveness of the active velocity boundary control is showed through the FDM simulation results. Sliding mode control is adopted in order to achieve velocity tracking control of the time varying right boundary to dissipate vibration energy of the string effectively. Optical sensor system for measuring the transverse vibration of an axially moving string is developed, and the angle of the incident wave to the right boundary, which is the input of the velocity boundary controller, is obtained. Experimental research is carried out to examine the validity and the performance of the transverse vibration control using the suggested velocity right boundary control scheme.