Ultrasound-stimulated microbubble cavitation (USMC) is a cavitation phenomenon triggered by oscillating microbubbles in ultrasound field, and this effect has led to breakthroughs in improving the permeability of cell membranes, enhancing the sensitivity of tumor cells to chemotherapy or immunotherapy, and increasing the penetration of thrombolytic drugs into blood clots and vascular recanalization. In recent years, the cross-fertilization of ultrasound medicine and materials science have given rise to the study of ultrasound-responsive multifunctional nanobubble to enhance USMC treatment. This article reviews the application and research progress of USMC in improving tissue perfusion in ischemic diseases, tumor chemotherapy and immunotherapy, ultrasonic thrombolysis, and other treatments.