Efficient thickening of unclassified tailings slurry (UTS) is critical for enhancing mine backfill efficiency and reducing operational costs. Ultrasonic technology has emerged as a promising approach to facilitating the solid–liquid separation process in such slurries. In this study, systematic experiments were conducted using a 20 kHz ultrasonic concentrator. The effects of ultrasonic treatment timing (applied at 0, 5, 10, 15, 20, 25, 30, and 35 min during free settling) and power (50 to 400 W in eight levels) were investigated by monitoring the solid–liquid interface settling velocity and underflow concentration. The key findings are as follows: Ultrasonic application at the 5 min mark yielded the optimal thickening performance, increasing the final mass concentration by 1.3% compared to free settling alone. The average settling velocity generally increased with ultrasonic power (with the exception of 50 W), and the final underflow concentration exhibited a steady rise. Notably, the 400 W treatment induced a significant settlement acceleration, attributed to the formation of drainage channels. Mechanistic analysis revealed that these drainage channels undergo a dynamic process of formation, expansion, contraction, and closure, driven by ultrasonically induced directional water migration, particle compaction, and energy boundary effects. This research not only enriches the theoretical framework of ultrasonic-assisted thickening but also provides practical insights for optimizing mine backfill operations.