To investigate the influence of laws of rotational speed, ultrasonic vibration, and feed speed on burr length, splitting length, and hole roundness of carbon fiber reinforced plastic (CFRP), drilling experiments using ultrasonic tools designed based on the dagger drill principle were carried out on CFRP materials. This study aims to explore methods for improving the hole-making quality of CFRP and further enhancing its hole-making efficiency. The results show that a high rotational speed can effectively reduce the burr length by 60% and the splitting length by 50%. Ultrasonic vibration can reduce the burr length and splitting length by about 70% and increase the hole roundness by about 10%. The higher the feed speed, the lower the hole-making quality, while an excessively low feed speed will impair the hole-making efficiency. In this study, the optimal hole-making quality was achieved when the rotational speed was set at 18500 r/min, ultrasonic vibration was activated, and the feed speed was controlled at 40 mm/min. The research results provide valuable references for the research, popularization, and application of ultrasonic tools and related technologies.