Due to its extreme service conditions, low-temperature pressure piping often needs post-welding stress measurement and control. Aiming at the phenomenon of local stress concentration in welded 316L pipes, this study used ultrasound to regulate the stress in the welded area at different times during and after the multi-layer welding of the pipeline butt joint for different time lengths. Mechanical properties such as tensile strength and hardness were tested for each comparison group, and the microcrystalline phases of the weld and its surrounding microstructure were analyzed. The transverse and longitudinal surface residual stresses of each comparison group were measured. The influence of high-energy ultrasound on the surface temperature field during and after welding was analyzed. The experimental results show that ultrasonic wave regulation can speed up heat exchange and radiation in the weld zone (WZ), refine the grains in the WZ, heat-affected zone (HAZ) and fusion zone (FZ) to some extent and reduce and homogenize residual stress to a certain degree. In the 120 mm area of the weld center, the residual stress measured after the mid-welding regulation was smaller than that of any other comparison group. This regulation result was the best, followed by that of hot regulation and finally that of offline regulation. The tensile strengths obtained by the mid-welding regulation and post-welding hot regulation of this group were the best, increasing by 17.2% and 24.3%, respectively, compared with the untreated groups.