Carbon fiber–reinforced plastics have been widely applied in aerospace industry as aircraft structural components due to their excellent mechanical and physical properties. The countersinking process of the carbon fiber–reinforced plastic hole is indispensable for the assembly of countersunk head screw. In conventional countersinking process of carbon fiber–reinforced plastics, it is prone to produce the delamination, fiber pullout, poor surface levelness and dimensional accuracy of countersunk hole. As a new technology, the rotary ultrasonic elliptical machining for countersinking of carbon fiber–reinforced plastics is employed, which is a non-traditional process that can effectively improve the surface levelness, surface integrity and machining accuracy of carbon fiber–reinforced plastic countersunk hole. This article reported a feasibility study on the rotary ultrasonic elliptical machining for countersinking of carbon fiber–reinforced plastics without coolant for the first time. The processing principle of rotary ultrasonic elliptical machining for countersinking was illustrated according to the countersinking models and the equations of motion locus. Based on the principle analysis, the surface levelness, tool blades’ path and countersunk hole surface morphology in rotary ultrasonic elliptical machining of the separated and unseparated types were analyzed compared to that in conventional countersinking. In addition, the rotary ultrasonic elliptical vibration transducer was designed and fabricated, as well as the experimental platform was set up. The experimental results demonstrated that the rotary ultrasonic elliptical machining achieved much better results than that in conventional countersinking, such as lower thrust force, torque, cutting temperature, better surface levelness, hole dimensional accuracy, surface integrity and chip-removal effect. The experimental results also verified the feasibility of rotary ultrasonic elliptical machining for countersinking of carbon fiber–reinforced plastics.