In this paper, the stress distribution and evolution of LPwC and LSP in thin-walled model are compared by simulation. The mechanical properties and microstructure changes of LPwCed TC4 titanium alloy thin-walled components were further analyzed by experiments, and the mechanism of LPwC induced grain refinement was analyzed in detail. The results show that compared with LSP, the stress field introduced by LPwC is more uniform, the depth of the influence layer is shallower, and the shock wave energy decays faster. At the same time, LPwC can control the deformation of the specimen more accurately. At 30 mJ energy, the high cycle fatigue limit of the LPwCed TC4 titanium alloy thin-walled sample is 467.1 MPa, which is 14.3 % higher than that of the untreated sample. The maximum hardness can reach 367.2 HV0.1, which is 12.0 % higher than that of the untreated sample, and the depth of the influence layer is 0.3 mm. The surface residual stress is −61.43 MPa, and the depth of the influence layer can reach 250 μm. At the same time, the formation of dynamic recrystallized grains under the action of LPwC promotes the texture orientation of the sample to change from [ 10−10 ] to [-12-10 ].