The interaction between ultrasound and bubbles in liquids has led to the development of a number of applications. The scattering of sound waves by bubbles has been utilized in ultrasound contrast imaging. The absorption of sound energy by bubbles that exist in liquids can lead to acoustic cavitation, the growth and violent collapse of microbubbles. Extreme temperature conditions and highly reactive radicals are generated during acoustic cavitation, which have been utilized in a number of processes that include the synthesis of a variety of nanomaterials. Acoustic cavitation also generates strong shear forces and streaming effects in liquids that have been used for the deactivation of pathogens and modification of the properties of bioactive molecules. This chapter aims to provide an overview of the recent work that has been carried out in our laboratory that includes the ultrasonic and sonochemical synthesis of biofunctional metal nanoparticles, polymers, and microspheres.