In this study, we analyzed the effects of vibration assistance, combined with a ball burnishing process, in terms of topology, residual stresses, and tribological properties on 316L shafts. The burnishing variables consisted of the variation of the input force, the number of passes, and the activation of the vibration assistance, which is based on a 40 kHz frequency and 8 μm of vibration amplitude, derived in a screening design of three factors. The results show that the medium–high level of burnishing force, high level of the number of passes, and the activation of the vibration assistance are the best options in order to improve the average roughness, the microstructure, the increase in the compressive residual stresses, and the wear enhancement, besides all variables being significant in the p-value analysis through ANOVA. Statistically, the vibration-assisted ball burnishing improved the average roughness by 2.9%, enlarged the von Mises stress on the surface by 11.5% and enhanced the wear resistance of a 316L shaft and WC-Co ball contact up to 7.3%.