The evolution of fatigue performance and surface mechanical properties of AISI 304 stainless steel induced by the electropulsing-assisted ultrasonic surface rolling process (EP-USRP) was systematically investigated by integrating instrumented indentation, scanning electron microscopy with electron backscatter diffraction, and transmission electron microscopy. The results indicate that higher hardness, greater strength, finer ultra-refined grains, and higher residual compressive stress are formed within the strengthened layer compared with the original ultrasonic surface rolling process (USRP). EP-USRP with the optimized experimental parameters can produce a higher average rotating bending fatigue strength for AISI 304 stainless steel than USRP. Anomalously and noteworthily, all fatigue specimens treated by EP-USRP showed an incomplete fracture, revealing a higher reservation of safety in practical engineering applications. The further modified structure strengthening and stress strengthening induced by EP-USRP are likely the primary intrinsic reasons for the observed phenomena. Furthermore, the influence mechanism of EP-USRP was discussed scrupulously.