Metals and their alloys have found extensive applications in numerous fields. Various surface modification techniques have received significant attention for their potential to improve the adaptability of materials to complex environments. One such technique, the ultrasonic surface rolling process (USRP), introduces a deformation layer by applying static stress and dynamic impacts to the surface of metallic materials. During USRP treatment, remarkable beneficial compressive residual stresses (CRS) and hardened layers are induced and, simultaneously, the surface finish of the material is improved. These modifications not only effectively suppress the initiation and propagation of fatigue cracks but also significantly enhance the mechanical properties, wear, and corrosion resistance of the materials, thereby greatly prolonging the service life of structural components. The review starts with the mechanisms of USRP, discussing grain refinement, control of surface roughness, and the introduction of beneficial CRS. Subsequent sections provide a comprehensive analysis of how these modifications impact material properties, encompassing hardness, plasticity, fatigue, wear, and corrosion resistance. Furthermore, it introduces the latest advancements in USRP technology, including thermal/electric pulse‐assisted USRP, its integration with other surface treatment methods, and its applications and prospects across various fields.