The application of ultrasonic surface rolling process (USRP) to obtain gradient nanostructured materials is presented with comprehensive researches. Concept and description of USRP treatment which has been proved to be able to create gradient nanostructured layers and induce residual compressive stress were depicted. Meanwhile, the microstructural evolutions and surface characteristics which critically depend on processing regimes were discussed. On this basis, it is found that the improvement of mechanical properties, i.e. hardness, strength, wear and fatigue performances, is obtained by USRP treatment while the corrosion/oxidation behavior depends on the composition and structure, surface integrity and stress, solution and service environment. In addition, some possible addresses for future research in this field were drawn and underlined.