The demand for convenience foods of the highest quality in terms of natural flavor and taste, and which are free from additives and preservatives, has spurred the need for the development of a number of non-thermal approaches to food processing, of which ultrasound technology has proven to be very valuable. Increasing number of recent publications have demonstrated the potential of this technology in food processing. A combination of ultrasound with pressure and/or heat is a promising alternative for the rapid inactivation of microorganisms and enzymes. Therefore, novel techniques like thermosonication, manosonication, and manothermosonication may be a more relevant energy-efficient processing alternative for the food industry in times to come. This review aims at identifying the opportunities and challenges associated with this technology. In addition to discussing the effects of ultrasound on foods, this review covers various areas that have been identified as having great potential for future development. It has been realized that ultrasound has much to offer to the food industry such as inactivation of microorganisms and enzymes, crystallization, drying, degassing, extraction, filtration, homogenization, meat tenderization, oxidation, sterilization, etc., including efficiency enhancement of various operations and online detection of contaminants in foods. Selected practical examples in the food industry have been presented and discussed. A brief account of the challenges in adopting this technology for industrial development has also been included.