The objective of this study was to assess the capability of predicting carcass traits and meat cuts weights, in fattening lambs of indigenous Greek dairy sheep breeds, using ultrasound measurements and live body weight measurements pre-slaughter. A total of 187 lambs of Chios and Serres breeds were involved in the study. Body condition score, live body weight (LBW), and ultrasound measurements of Longissimus lumborum muscle depth (LMD) and subcutaneous fat thickness (SFT) at the lumbar region were recorded pre-slaughter. After slaughter, the carcasses were classified using five-degree grading systems for muscle development and fat deposition, while hot (HCW) and cold carcass (CCW) and meat cuts weights were measured. The statistical analyses included descriptive statistics and linear regression models to estimate the fixed effects of sex and the covariances of LBW, BCS, and ultrasound measurements on the studied traits. High R2 values (0.60 ≤ R2 ≤ 0.92) were observed in the models predicting HCW, CCW, forequarter, leg chump on shank off, the short loin, the eye of the short loin, and foreshank weights. Among the models estimated LMD, SFT, and LBW as significant predictors, the ones predicting hot and cold carcass weights, the short loin, the eye of the short loin, and the eye of the rack weights were successfully validated. Other models including BCS, LBW, sex, and either one or none of the ultrasonography measurements as predictors were also validated and presented.