Ultrasonic machining processes have attained a recognized status in manufacturing. USM can be used successfully for cutting of precise components. USM has solved many problems for the medical, aerospace, electronics and automotive industries. Various processes are able to be combined in rotary ultrasonic machining where, the machining efficiency could be increased. New methods for grinding ceramics and hard materials by using non-rotational tools have been developed. The objective of the present paper is to highlight the state-of-the art of hybrid and recent USM processes. Moreover, the paper summarizes the latest technologies regarding precision cutting and ultrasonic assistance for medical applications. Ultrasonic precision cutting proves to be promising in the micro machining field as well as in biomedical applications and it looks to be a beneficial tool in the coming era of nano-technology.