Elaeagnus mollis oil extracted from the nuts of Elaeagnus mollis Diels can be used in food and pharmaceutical applications due to its excellent nutritional value. An ultrasound-assisted solvent enzymatic extraction (UASEE) method was used to extract oil from Elaeagnus mollis Diels with n-hexane solvent (1:11.6 g/mL) and 1.1% (w/w) mixed enzymes (neutral protease:hemicellulase:pectinase = 1:1:1, w/w/w). The physicochemical properties, fatty acid profile, bioactive compounds, antioxidant activity, morphology, and thermal stability of UASEE oil were investigated and compared with soxhlet extraction (SE) oil and cold pressing (CP) oil. The UASEE oil exhibited a higher content of unsaturated fatty acids (93.96 ± 0.28%), total tocopherols and tocotrienols (147.32 ± 2.19 mg/100 g), total phytosterols (261.78 ± 5.74 mg/100 g), squalene (96.75 ± 0.31 mg/100g), total phenolic content (84.76 ± 2.37 mg GAE/kg), and antioxidant activity (12.52 ± 0.28 mg/mL) than SE and CP oil. The lower peroxide value and acid value in UASEE oil indicated its better quality and lower likelihood of rancidity. The oil obtained using UASEE had higher thermal stability as well, as indicated by thermogravimetric analysis. Scanning electron microscopy (SEM) showed that the UASEE process causes damage to cell walls, and the leakage of substances in the cells facilitates extraction in the following step. Thus, UASEE is a promising processing method for the extraction of Elaeagnus mollis oil.