Ultrasonic energy is introduced into the Metal Inert Gas (MIG) welding arc and weld pool by superposition of an ultrasonic frequency current. In this study, the arc shape, arc energy, and ultrasonic energy that responded to ultrasonic excitation voltage and frequency is investigated. The comprehensive influence of arc and ultrasonic energy on weld formation, microstructure, and mechanical properties is further studied. The arc and ultrasonic energy are analyzed by using a high-speed camera and microphone, respectively. The results showed that the arc width increased, and the arc energy density decreased after the superposition of ultrasonic current. The arc height could be compressed under certain ultrasonic excitation parameters. The ultrasonic excitation voltage and frequency had a direct influence on the ultrasonic energy. The arc height, arc energy density, and ultrasonic energy together determined the weld width. Ultrasound could effectively refine the microstructure of the weld zone and fusion zone but had little effect on the heat-affected zone. Ultrasound improved the hardness of the joint by refining the grain and the second phase. The joint hardness was the highest when the ultrasonic excitation voltage was 100 V, and the frequency was 30 kHz.