Ultrasonic peening treatment (UPT) has been proved to be an effective way of improving residual stresses distribution in weld structures. Thus, it shows a great potential in stress modification for metal parts fabricated by additive manufacturing technology. In this paper, an investigation into the ultrasonic treatment process of AlSi10Mg specimens fabricated by selective laser melting (SLM) process was conducted by means of experimental and numerical simulation. The specimens were prepared using a SLM machine, and UPT on their top surface was carried out. The residual stresses were measured with an X-ray stress diffraction device before and after UPT. Meanwhile, a finite element simulation method for analyzing the influence of UPT on the residual stress field of specimens was proposed and validated by experiments. Firstly, the thermal mechanical coupling numerical simulation of the SLM process of the specimen was carried out in order to obtain the residual stress distribution in the as-fabricated specimen. Then, the transient dynamic finite element simulation model of the UPT process of the specimen was established, and the UPT effect analysis was implemented. In the UPT simulation, the residual stress was applied as a pre-stress on the specimen, and the specimen’s material mechanical property was described by the Johnson–Cook model, whose parameters were determined by Split Hopkinson Pressure Bar (SHPB) experiment. The residual stress distribution before and after UPT predicted by the finite element model agree well with the measurement results. This paper concludes with a discussion of the effects of ultrasonic peening time, as well as the frequency and amplitude of the peening needle on residual stress.