In order to diminish the occurrence of cavitation bubbles during the liquid-assisted laser machining, ultrasound-assisted underwater femtosecond laser drilling on stainless steel is adopted. This method greatly diminishes the optical disturbance of cavitation bubbles. By investigating and analyzing the effect of laser pulse energy and pulse number on the morphology of the holes, it has been found that ultrasound not only has a remarkable function of forming a hole with clean and flat bottom, but also reduces debris redeposition around the processing area. This method improves the machining quality. Besides, it also improves the depth-to-diameter ratio of the hole about 20%.