Compared with the conventional laser processing, femtosecond laser processing exhibits a smaller melting zone and a negligible heat-affected zone. In addition, the shock waves and cracks caused by femtosecond laser processing are almost invisible under normal conditions. Therefore, the usage of femtosecond laser has already been extensively adopted in precision manufacturing, organism processing, special material processing, and other fields and exhibits promising prospects for future development. Herein, the processing of ultrahard material using the femtosecond laser technology is reviewed with respect to its mechanisms, methods, and applications at home and aboard in recent years. Machining and processing methods for ultrahard material tools are also introduced and evaluated using the recently developed femtosecond laser techniques. Finally, the potential problems and future prospects associated with the femtosecond laser technology applications in ultrahard material machining are discussed.