In an ambient space with rotational symmetry around an axis (which include the Hyperbolic and Euclidean spaces), we study the evolution under the volume-preserving mean curvature flow of a revolution hypersurface M generated by a graph over the axis of revolution and with boundary in two totally geodesic hypersurfaces (tgh for short). Requiring that, for each time t ≥ 0, the evolving hypersurface M _t meets such tgh orthogonally, we prove that: (a) the flow exists while M _t does not touch the axis of rotation; (b) throughout the time interval of existence, (b1) the generating curve of M _t remains a graph, and (b2) the averaged mean curvature is double side bounded by positive constants; (c) the singularity set (if non-empty) is finite and lies on the axis; (d) under a suitable hypothesis relating the enclosed volume to the n-volume of M, we achieve long time existence and convergence to a revolution hypersurface of constant mean curvature.