Ultrasound-assisted transient liquid phase bonding (U-TLP) has been regarded as a promising brazing process to join magnesium alloys with a Sn and Zn interlayer; however, the formation of brittle magnesium intermetallic compounds (Mg2Sn, MgZn, and MgZn2) compromises the mechanical properties of the joints. In this study, Mg alloy U-TLP joints with a Ni interlayer were evaluated based on shear strength and hardness measurement. Microstructural evolution along with ultrasonic duration time and intermetallic compound formation were characterized using X-ray diffraction and electron microscopy methods. The results show that incremental ultrasonic durations of up to 30 s lead to the microstructural evolution from the Mg2Ni layer, eutectic compounds (Mg2Ni and α-Mg) to α-Mg (Ni), accompanied by shear strength increases. The maximum value of the shear strength is 107 MPa. The role that ultrasound vibration played in brazing was evaluated, and showed that the MgO film was broken by the acoustic softening effect when the interlayer and base metal were solid. As the MgO and Mg substrate have different stress reduction τ, this plastic mismatch helps to break the oxide film. Additionally, the diffusion between the solid Mg substrate and Ni interlayer is accelerated greatly by the acoustic pressure based on the DICTRA dynamic calculation.