Myofibrillar protein is the most abundant protein in meat products, and its structure and functional properties largely determine the quality of meat products. Power ultrasound, a non-thermal processing technology, has been widely used in the meat industry. The sonication of a liquid medium generates cavitation bubbles, and the resultant physical forces can be considered as the major mechanism responsible for changes in protein structure and functional properties. In this paper, the principle of ultrasound is introduced, and the effect of power ultrasound on the structure and functional properties of myofibrillar protein is reviewed in detail. Furthermore, this paper also discusses the recent progress in the application of power ultrasound in improving meat quality traits such as tenderness, water-binding capacity, color and flavor, and future prospects are proposed as well. Overall, this review provides a theoretical basis for promoting the application of power ultrasound in meat products.