In the present work, we prepared Maillard reaction products (MRPs) derived from enzyme hydrolyzed soybean meal with ultrasound assistance in an oil-(oxidized lard)-in-water system (UEL-MRPs) or oil-free system (UN-MRPs), and the effect of ultrasound on the properties of the obtained MRPs was evaluated. The analysis of fatty acids in lard with different treatments showed that ultrasound can generate more unsaturated fatty acids in the aqueous phase. The UV-Vis absorbances of UEL-MRPs, UN-MRPs, and MRPs obtained in an oil-in-water system (EL-MRPs) and MRPs obtained in an oil-free system (N-MRPs) at 294 and 420 nm indicated that ultrasound could increase the amount of Maillard reaction intermediates and melanoids in the final products of the Maillard reaction. This was in line with the result obtained from color change determination-that ultrasound can darken the resultant MRPs. Volatile analysis showed ultrasound can not only increase the number of volatile substances, but also greatly increase the composition of volatile substances in UEL-MRPs and UN-MRPs, especially the composition of those contributing to the flavor of the MRPs, such as oxygen-containing heterocycles, sulfur-containing compounds, and nitrogen-containing heterocycles. Descriptive sensory evaluation revealed that UN-MRPs and UEL-MRPs had the highest scores in total acceptance, ranking in the top two, and UEL-MRPs had the strongest meaty flavor among these four kinds of MRPs. Furthermore, the measurements of antioxidant activities, including DPPH radical-scavenging activity, hydroxyl radical scavenging ability, and ferric ion reducing antioxidant power, were conducted, showing that UN-MRPs exhibited the highest antioxidant activity among all the MRPs.