In this study, ultrasound energy was applied to assist the alkali hydrolysis of polyethylene terephthalate (PET) fabric, and then, the results were compared with those of the mechanical oscillating method, which was used as the control. The effects of various factors such as the sodium hydroxide concentration, the dosage of dodecyl dimethyl benzyl ammonium chloride (DDBAC), and the frequency on the weight loss of the PET fabrics were systematically investigated. The surface appearance and microstructures of the treated fibers with different methods were analyzed using a scanning electron microscope and X-ray diffraction, respectively. The results showed that DDBAC played a prominent accelerating role in the hydrolysis of the PET polymer, and the frequency had a great influence on the weight loss of the PET fabric. Ultrasound with a frequency of 60 kHz showed a similar decomposition rate as the control, resulting in similar weight loss, which was the highest value among the three frequencies (20, 60, and 80 kHz). In addition, the application of ultrasonic energy led to more pits on the fiber surface, a smaller average grain size, and decreased crystallinity of the treated fibers, while the mechanical oscillating method resulted in slightly increased crystallinity. By comparing the K/S value of the dyed fabrics with two commercial disperse dyes, we found that the treatment method had no obvious correlation with the color depth of the treated fabric.