Additive manufacturing (AM) for fabricating 3D metallic parts has recently received considerable attention. Among the emerging AM technologies is ultrasonic additive manufacturing (UAM) or ultrasonic consolidation (UC), which uses ultrasonic vibrations to bond similar or dissimilar materials to produce 3D builds. This technology has several competitive advantages over other AM technologies, which includes fabrication of dissimilar materials and complex shapes, higher deposition rate, and fabrication at lower temperatures, which results in no material transformation during processing. Although UAM process optimization and microstructure have been reported in the literature, there is still lack of standardized and satisfactory understanding of the mechanical properties of UAM builds. This could be attributed to structural defects associated with UAM processing. This article discusses the effects of UAM process parameters on the resulting microstructure and mechanical properties. Special attention is given to hardness, shear strength, tensile strength, fatigue, and creep measurements. Also, pull-out, push-out, and push-pin tests commonly employed to characterize bond quality and strength have been reviewed. Finally, current challenges and drawbacks of the process and potential applications have been addressed.