Ultrasonic therapeutic equipment, which exposes the human body to high-power ultrasound, is used in clinical practice to treat cancer. However, the safety of high-power ultrasound has been questioned because the equipment affects not only cancer cells but also normal cells. To evaluate the safety of ultrasound, it is necessary to accurately measure the ultrasonic power of the equipment. This is because ultrasonic power is a key quantity related to the thermal hazard of ultrasound. However, precise techniques for measuring ultrasonic power in excess of 15 W are yet to be established. We have been studying calorimetry as a precise measurement technique. In this study, we investigated the effect of the dissolved oxygen (DO) level of water on ultrasonic power by calorimetry. The results show that the measured ultrasonic power differed significantly between water samples of different DO levels. This difference in ultrasonic power arose from acoustic cavitation.