The work aims to study the effects of different static pressures on surface topography, roughness, grain refinement degree, micro-hardness and residual stress variation with the surface depth. With static pressure changed and other parameters unchanged, AISI304 stainless steel was treated with HEU-II series ultrasonic rolling equipment and horizontal lathe by taking advantage of ultrasonic rolling processing technology. The above-mentioned purpose was investigated with a comprehensive scanning electron microscopy, contact pin type roughness meter, metallographic microscope, micro-hardness tester and X ray diffraction analyzer. Better surface quality could be obtained at the static pressure ranging from 300 N to 800 N, but damage and microgroove were produced at the static pressure of over 800 N. According to XRD analysis, the higher the static pressure was, the higher the grain refinement degree was, the narrower the X diffraction peak was. Depth and hardness of the surface hardening layer increased with the increase of static pressure, the hardening layer at 600 N increased by 150 μm and hardness by 35% compared with that at 200 N. The surface residual stress was presented as compressive stress, and increased as the static pressure increased. When the static pressure increased to 600 N, the maximum residual stress transferred from the surface to interior of the materials. The static pressure parameters will produce excellent processing effects in a certain range and bad influence beyond a certain range, which lays theoretical basis for processing precision workpieces by taking advantage of ultrasonic rolling technology.