Ultra-high-speed grinding is a significant method for the advanced manufacturing of the difficult-to-machine material components, e.g., nickel-based superalloy. However, unclear mechanism of material removal behavior is still the main problem. The present work intends to establish the three-dimensional (3D) finite element simulation model of ultra-high-speed grinding with single abrasive grain. The effects of undeformed chip thickness and grinding speed on the morphology of grinding traces and chips are investigated. The parameters, such as pile-up ratio and shear slip frequency, are characterized experimentally, and the mechanism of material removal behavior in the process of ultra-high-speed grinding has been accordingly researched deeply. The results indicate that the pile-up ratio decreases firstly and then increases with an increase of undeformed chip thickness; the lowest pile-up ratio would be obtained when the undeformed chip thickness is 0.8~1 μm. When the grinding speed is below 240 m/s, with the increase of grinding speed, the distance between the sawtooth of the grinding chips is reduced, while the sawtooth degree is increased. When the grinding speed exceeds 400 m/s, the chip shape changes from serrated fracture to banded continuity, and the frequency of adiabatic shear slip goes up with the increase of grinding speed, which helps to reduce the grinding force, making the grinding process more stable and decreasing the difficult machinability of Inconel 718 nickel-based superalloy.