Preload optimization is very important for ultrasonic motors’ design and application. In this paper, a novel method for a traveling-wave rotary ultrasonic motor is proposed. Firstly, based on linear regression and the analytic hierarchy process (AHP), the mapping between the drive characteristics, mechanical characteristics, speed stability, and preload of the traveling-wave-type rotary ultrasonic motor was established. Then, the characteristic curves of stalling torque, no-load speed, maximum efficiency, and speed stability with the change of preload method were measured with a new test platform. Finally, three traveling-wave rotary ultrasonic motors with optimized preload were used in a cooperative manipulator for validation. The experimental results showed that when the preload was optimized from 200 N to 310 N, the stalling torque of the motor increased by 20.7%, the maximum efficiency increased by 15.3%, the standard deviation of the speed decreased by 53.8%, and the no-load speed decreased by 5.5%. Therefore, it can be seen that the new preload optimization approach can significantly improve the performance indexes of ultrasonic motors and meet the practical requirements of direct-drive cooperative manipulators in engineering applications. The new preload optimization method offers advantages in motor output performance compared to conventional methods.