High-volume fraction silicon carbide particle-reinforced aluminum (SiCp/Al) has a promising application for its high specific strength, wear resistance, and thermal conductivity. However, SiCp/Al components with a high-volume fraction are prone to poor surface quality and defects such as fractures, cracks, and micro-pits. It has been reported that ultrasonic-assisted grinding machining (UAG) helps to improve the quality of SiCp/Al machined surfaces. However, the differences between SiCp/Al with different volume fractions obtained by UAG machining are not clear. Therefore, a comparative study of surface roughness, morphology, and cutting force was carried out by UAG machining on SiCp/Al samples with volume fractions of 45% and 60%. Compared to the 45% volume fraction SiCp/Al, the 60% volume fraction SiCp/Al has a higher cutting force and roughness under the same machining parameters. In addition, experiments have shown that cutting forces and surface roughness can be reduced by increasing the tool speed or decreasing the feed rate. UAG machining with an ultrasonic amplitude within 4 μm can also reduce cutting forces and surface roughness. However, more than 6 μm ultrasonic amplitude may lead to an increase in roughness. This study contributes to reasonable parameter settings in ultrasonically-assisted grinding of SiCp/Al with different volume fractions.