Ultrasound is an advanced non-thermal food-processing technology that has received increasing amounts of interest as an alternative to, or an adjuvant method for, conventional processing techniques. This review explores the sono-physical and sono-chemical effects of ultrasound on food processing as it reviews two typical food-processing applications that are predominantly driven by sono-physical effects, namely ultrasound-assisted extraction (UAE) and ultrasound-assisted freezing (UAF), and the components modifications to food matrices that can be triggered by sono-chemical effects. Efficiency enhancements and quality improvements in products (and extracts) using ultrasound are discussed in terms of mechanism and principles for a range of food-matrix categories, while efforts to improve existing ultrasound-assist patterns was also seen. Furthermore, the progress of experimental ultrasonic equipments for UAE and UAF as food-processing technologies, the core of the development in food-processing techniques is considered. Moreover, sono-chemical reactions that are usually overlooked, such as degradation, oxidation and other particular chemical modifications that occur in common food components under specific conditions, and the influence on bioactivity, which was also affected by food processing to varying degrees, are also summarised. Further trends as well as some challenges for, and limitations of, ultrasound technology for food processing, with UAE and UAF used as examples herein, are also taken into consideration and possible future recommendations were made.