Ultrasonic technology, which has been receiving increasing attention from the petroleum industry, has emerged as a promising environmentally-friendly technology due to its high adaptability, simple operation, low cost, and lack of pollution; the mechanisms of this technology are clarified herein. At the same time, this paper presents a comprehensive review of the impact of ultrasound on enhanced oil recovery (EOR) by removing plugs, reducing oil viscosity, and demulsifying crude oil, while highlighting the latest advancements in this field. Lastly, this paper delves into the challenges and prospects associated with the industrial implementation of power ultrasound. The objective of this review is to provide a comprehensive overview of recent advancements, serving as a valuable reference for future investigations on ultrasound-assisted EOR. Oil field results demonstrate that oil production increased by 26.5% to 100%, water cut decreased by 5% to 96%, the success rate ranged from 75% to 90%, and the effect can last for a duration of 4 h to 12 months.