In this paper, the effects of machining parameters and processing conditions on grain refinement in the preparation of ultrafine grained material by cutting method were reviewed, the mechanical properties, corrosion resistance and thermal stability of ultrafine grained material prepared by cutting method were analyzed, and the possibility of preparing ultrafine grained material by ultrasonic vibration combined cutting method was discussed. The literatures show that in the ultrasonic vibration machining, the material is affected by low stress, high speed and high frequency impact, which will cause serious plastic deformation, and the large size grains on the surface will be refined. At the same time, ultrasonic vibration can also form surface microstructure on the material surface, which can further improve the material properties. Therefore, the combination of large strain extrusion machining and ultrasonic vibration is proposed to efficiently prepare ultrafine grain material with functional microstructure, which provides a new process selection and theoretical and technical support for the preparation of ultrafine grain material for micro parts.