The potential of power ultrasound (24-kHz frequency) as an individual treatment and in combination with proteolytic enzyme to promote the shell-loosening of cold-water shrimp (Pandalus borealis) was investigated. Textural properties of shrimp were highly dependent on temperature control during the ultrasonic process (27.6-μm amplitude, 120 min duration and 0.9-s pulse), while the peelability of shrimp monitored as peeling work, meat yield and proportion of completely peeled shrimp were less dependent on the temperature. Increasing amplitude (0–46 μm) and time (0–45 min) of ultrasound prior to enzymatic maturation (0.5% Endocut-03L, 6 h, and 3 °C) increased the peelability of shrimp. The parallel combination of ultrasound and enzyme (18.4-μm amplitude, 0.9-s pulse, 0.5% Endocut-3L, 3-h and 4-h duration, and T ≤ 5 °C) considerably improved the shrimp peelability without detrimental effect on the texture and color of shrimp. Ultrasound was found to inactivate proteolytic enzyme in solution and to modify the structural properties of shrimp shells. From scanning electron micrographs (SEM), we proposed a mechanism for the ultrasound-enzyme-induced shell-loosening based on ultrasonic shell surface erosion and enzyme diffusion. Cavitation bubbles generated from sound waves pitted the surface of shrimp shell, generating pathways for enzyme diffusion into the muscle-shell attachment.