A clear understanding of the nucleation, growth, coarsening, and aggregation processes of nanomaterials is necessary to enable the preparation of highly controlled nanostructures. Among wet chemical synthetic methods, ultrasound-assisted preparation has become an important tool in material science. The formation and crystal growth mechanism under ultrasound is special compared with other wet chemical synthetic routes. In this review, we discussed the chemical and physical effect of ultrasound and summarized the ultrasonic effect on crystallization. The sonolysis of water and the cavitation-induced microjet impact and shockwave are the two key factors in the sonochemical formation of inorganic nanomaterials. The ultrasonic-assisted Ostwald ripening and oriented attachment processes have been reviewed for the possible crystal growth mechanisms in the fabrication of inorganic nanostructures.