A novel hollow type of traveling wave rotary ultrasonic motor is proposed, optimized, fabricated, and tested in this study. Unlike conventional ultrasonic motors, this novel ultrasonic motor adopts a bran-new preloading method that preload is applied from the bottom of the stator through a wave spring, which can not only enhance the anti-overload ability but also extend the working life of the motor. According to this motor, a three-dimensional finite element model has been built by the commercial finite element software ADINA. In terms of the friction material and the preload, a detailed further optimization procedure is given after the initial design. Finally, the appropriate size and location of the friction layer and a proper preload for this motor have been determined. Almost all of the motor’s mechanical capacities, such as rotational speed, torque, and deformation, can be obtained by simulations in ADINA, which have good agreement with experimental results.