Quality issues concerning very low-sulfur fuel oil (VLSFO) have increased significantly since the IMO sulfur-limit regulation became mandatory in 2020, as most VLSFO is produced by blending high-sulfur fuel oil (HSFO) with VLSFO. For instance, the conversion of VLSFO paraffins (C19 or higher alkanes) into waxes at low temperatures adversely affects cold flow properties. This study investigates the effects of ultrasonication on the chemical composition, dispersion stability, and sulfur content of samples prepared by blending ISO-F-DMA-grade marine gas oil (i.e., VLSFO) and ISO-F-RMG-grade marine heavy oil (i.e., HSFO) in volumetric ratios of 25:75 (BFO1), 50:50 (BFO2), and 75:25 (BFO3). The paraffin content decreased by 19.2% after 120 min of ultrasonic irradiation for BFO1 by 16.8% after 30 min for BFO3. The decrease in the content of high-molecular-weight compounds was faster at higher HSFO content; however, ultrasonication for longer-than-optimal times induced reaggregation, and thus, increased the content of high-molecular-weight compounds and decreased dispersion stability. In addition, ultrasonication did not significantly affect the sulfur content of BFO1 but decreased those of BFO2 (by 19% after 60 min) and BFO3 (by 25% after 30 min). Desulfurization efficiency increased with the increasing content of HSFO, as water present therein acted as an oxidant for oxidative desulfurization.