Ultrasonic impact peening (UIP) is a severe plastic deformation process to induce localized surface hardening combined with compressive residual stresses which therefore extends the useful life of mechanical parts. In this investigation, UIP has been applied to four widespread alloys in use in the oilfields. These include two premium NiCrMo alloys, UNS N07718 (718) and UNS N07716 (625 Plus®), both characterized by satisfactory oilfield performance but lacking hardness and abrasive wear resistance, and two relatively low-cost alloys, UNS G41400 (4140) and UNS S17400 (17-4PH), both limited by their corrosion fatigue. To promote comparisons and determine important alloy parameters for successful UIP, all four alloys were carefully selected so that their respective yield strengths were within relative proximity (~780 to ~910 MPa), and then ultrasonically impact peened under identical conditions. Among major findings from microstructural examinations, micro-hardness indentations, and residual stress measurements, surface topological changes (roughness), alloy microstructural evolution (depth and extent of strain hardening, including mechanical twinning in the NiCrMo alloys), and compressive residual stresses were found to be well correlated. Among all four alloys, the NiCrMo alloys, in particular UNS N07716 was found to be best suited for UIP. This is explained by its FCC austenitic microstructure, relatively low stacking-fault energy (prone to mechanical twinning), and in practical terms high yield strength and high tensile-to-yield strength ratio, both related to its excellent plastic flow behavior under ultrasonic rates of plastic deformation.