Abstract: Complex industrial applications have put forward new requirements for the development of metal functional materials, and metal functional materials such as dissimilar metal composites and second-phase reinforced metal composites have broad application prospects in aerospace, electronic devices, biomedicine and automotive industry due to their unique advantages. As a low-temperature solid-phase joining technology, ultrasonic solid-phase additive manufacturing technology can avoid high-temperature defects during material processing, retain properties of raw materials, and obtain good bonding strength, which has great advantages in the preparation of metal functional materials. According to the research progress of ultrasonic additive preparation of metal functional materials in recent years, this paper reviews research status of dissimilar metal composites and second-phase reinforced metal matrix composites, advantages and research contents of ultrasonic additive technology. It analyzes molding characteristics and interface evolution mechanism of ultrasonic solid phase additive preparation of metal functional materials, and looks forward to technical challenges and future development hotspots of ultrasonic additive preparation of metal functional materials.