ZnO film ultrasonic transducers for temperature and stress measurements with dual-mode wave excitation (longitudinal and shear) were deposited using the reactive RF magnetron sputtering technique on Si and stainless steel substrates and construction steel bolts. It was found that the position in the substrate plane had a significant effect on the structure and ultrasonic performance of the transducers. The transducers deposited at the center of the deposition zone demonstrated a straight columnar structure with a c-axis parallel to the substrate normal and the generation of longitudinal waves. The transducers deposited at the edge of the deposition zone demonstrated inclined columnar structures and the generation of dominant shear or longitudinal shear waves. Transducers deposited on the bolts with dual-wave excitation were used to study the effects of high temperatures in the range from 25 to 525 °C and tensile stress in the range from 0 to 268 MPa on ultrasonic response. Dependencies between changes in the relative time of flight and temperature or axial stress were obtained. The dependencies can be described by second-order functions of temperature and stress. An analysis of the contributions of thermal expansion, strain, and the speed of sound to changes in the time of flight was performed. At high temperatures, a decrease in the signal amplitude was observed due to the decreasing resistivity of the transducer. The ZnO ultrasonic transducers can be used up to temperatures of ~500 °C.