Oilseeds are sources of not only major compounds such as oil and meal but also of bioactive compounds. Their conventional extraction is related to long extraction time, large non-renewable solvent consumption, high temperature, and therefore, high energy consumption. Ultrasound-assisted extraction (UAE) has emerged as a new and green technology, which can accelerate and/or improve the extraction process of these compounds. Moreover, the possibility of using renewable solvents in the UAE enhances its application and allows obtaining both extracted and remaining products more compatible with current human consumption requirements. This article examines the mechanisms, concepts, and factors that impact oilseeds' UAE with an emphasis on the extraction yield and quality of oil, meal, and bioactive compounds. Furthermore, the effects of combining UAE with other technologies are addressed. Gaps detected in the analyzed literature about oilseed treatment and quality and properties of products, in addition to perspectives about their uses as food ingredients, are also included.Moreover, it highlights the need for increasing research on process scalability, on environmental and economic impacts of the whole process, and on the phenomenological description about the effect of process variables on extraction performances, which will be a key tool for process design, optimization, and control. Understanding ultrasound processing techniques for the extraction of different compounds from oilseeds will serve as useful information for fats and oils and meal scientists in academia and industry to explore the possibility of employing this sustainable approach during the extraction treatment of various crops.