Ultrasonic cavitation processing (USP) is a versatile technique that has gained a lot of momentum in the last decade as a sustainable, environmentally friendly, and cost-effective process. USP uses high-frequency sound to form bubbles that expand, contract, and eventually collapse, generating high-speed liquid jets, powerful shockwaves, and acoustic streaming effects. Despite its widespread application, use of USP remains mostly empirical. For processes involving the synthesis and production of materials, harnessing the power of cavitation requires an understanding of the fundamental mechanisms driving USP. In this presentation, we record recent studies to analyse, optimise, and control USP for applications related to grain refinement of aluminium alloys, exfoliation of 2D nanomaterials, and processing of composites. High-speed cameras and in situ synchrotron imaging were used to visualise cavitation dynamics, coupled with state-of-the-art hydrophones to detect acoustic waves and shockwave emissions. Results show that optimised USP with the help of advanced modelling significantly improves grain refinement of aluminium alloys in processes such as direct-chill (DC) casting, where shockwaves are primarily responsible for the fragmentation of intermetallic crystals/dendrites. Furthermore, shockwaves act as the main driving mechanism for the exfoliation of 2Ds while cavitation activity enhances fibre dispersion in highly viscous polymers, improving matrix stability and strength.