Ultrasonic surface rolling process (USRP) is a novel surface severe plastic deformation (SPD) method that integrates ultrasonic impact peening (UIP) and deep rolling (DR) to enhance the surface integrity and surface mechanical properties of engineering materials. USRP can induce gradient nanostructured surface (GNS) layers on the substrate, providing superior mechanical properties, thus preventing premature material failure. Herein, a comprehensive overview of current-state-of-the art USRP is provided. More specifically, the effect of the USRP on a broad range of materials exclusively used for aerospace, automotive, nuclear, and chemical industries is explained. Furthermore, the effect of USRP on different mechanical properties, such as hardness, tensile, fatigue, wear resistance, residual stress, corrosion resistance, and surface roughness are summarized. In addition, the effect of USRP on grain refinement and the formation of gradient microstructure is discussed. Finally, this study elucidates the application and recent advances of the USRP process.