Ultra-fine tailings cemented paste backfill (UCPB) exhibits special rheological characteristics with the effect of an ultrasonic sound field. In this study, in order to explore the thickening effect of slurry under ultrasonic wave action, we examined the rheological properties with ultrasonic wave tests of UCPB and the rheological properties after ultrasonic wave tests of UCPB. We found that the rheological curve of the slurry changed; the Herschel–Bulkley (HB) model in the initial state transformed into the Bingham model under the action of ultrasound. Ultrasonic waves have a positive effect on reducing slurry viscosity and yield stress. The rheological test of the slurry with ultrasonic wave action had a positive effect on significantly reducing the apparent viscosity and initial yield stress of slurry with a 62% mass concentration. The rheological test of slurry with ultrasonic wave action and the rheological test after ultrasonic wave action both have positive effects on reducing the viscosity and yield stress of the slurry with a 64% to 68% mass concentration; the overall effect of reducing the viscosity and yield stress of UCPB is greater after ultrasonic wave action of UCPB.