Ultrasonic‐assisted glass molding process (UGMP) has gained a promising start in microptics fabrication in recent years. To further understand the microforming process and comprehensively evaluate the microformability of the glass in UGMP, theoretical considerations and numerical simulations are performed in this study. A generalized dynamic viscoelastic model of glass in UGMP is first reformulated based on the ultrasonic thermo‐mechanical effects. Correspondingly, a multiphysics numerical model of UGMP is developed to dynamically observe the thermo‐mechanical rheological behaviors of the L‐BAL42 glass inside the microscale mold cavities. The stress distributions and deformation features of the formed micro‐V‐grooves in different molding processes are further employed to fully investigate the ultrasonic mechanical and thermal effects on glass molding. The results show that, as a product of the combined ultrasonic mechanical and thermal effects, the filling rate of the glass in UGMP is observably increased and homogenized, while its maximum forming stress is reduced by 57.6% compared with the conventional molding process (GMP). It is also found that, the ultrasonic thermal effect is dominant in lowering the forming stress of the glass, while the ultrasonic mechanical effect plays a leading role in homogenizing the filling rate of the glass. This study will provide both theoretical and technical supports for high‐efficiency and high‐precision fabrication of surface‐relief microptical elements.