The ultrasonic extraction of oils is a typical physical processing technology. The extraction process was monitored from the standpoint of the oil quality and efficiency of oil extraction. In this study, the ultrasonic cavitation fields were measured by polyvinylidene fluoride (PVDF) sensor. Waveform of ultrasonic cavitation fields was gained and analyzed. The extraction yield and oxidation properties were compared. The relationship between the fields and cavitation oxidation was established. Numerical calculation of oscillation cycle was done for the cavitation bubbles. Results showed that the resonance frequency, fr, of the oil extraction was 40kHz. At fr, the voltage amplitude was the highest; the time was the shortest as reaching the amplitude of the waveform. Accordingly, the cavitation effect worked most rapidly, resulting in the strongest cavitation intensity. The extraction yield and oxidation properties were closely related to the cavitation effect. It controlled the cavitation oxidation effectively from the viewpoint of chemical and physical aspects.