Lapping is a key processing step for precision parts, which directly affects machining quality, precision, and efficiency. Due to some drawbacks of free-abrasive lapping such as deep scratches on the lapped surface, lower lapping efficiency for lower lapping speed, severe waste of abrasive, high-processing cost, and so on, conventional fixed-abrasive lapping (CFL) technology was proposed and developed recently. Meanwhile, considering the unique advantages of the ultrasonic-assisted machining during the processing of those hard and brittle materials and the effect of ultrasonic vibration on the self-sharpening characteristic of abrasive pellet, a novel ultrasonic-assisted fixed-abrasive lapping (UAFL) technology is put forward and corresponding lapping device for engineering ceramics cylindrical part is developed in this paper. Meanwhile, UAFL mechanism and characteristics were studied theoretically and experimentally. Research results show that superimposed ultrasonic vibration changes the lapping movement characteristics and material removal mechanism to a certain extent, helping to heighten material removal rate, smoothen the waveform of tangential force, reduce the average tangential force, and improve surface machining quality. UAFL can be regarded as a high efficiency and precision processing technology for engineering ceramics cylindrical part.