In order to explore the distribution of residual stress field in TC17 titanium alloy with ultrasonic shot peening, an ultrasonic shot peening vibration system was established based on ABAQUS/Explicit. Combined with simulation and experiment, the stress field, surface morphology and strain layer distribution of TC17 titanium alloy with 0.15 A and 0.25 A shot peening intensities were investigated respectively. Under two shot peening intensities, the maximum value of compressive residual stress is all in the sub-surface region. There is a small difference between the value of simulation and the test in the mean value of residual stress on the surface, the maximum value of compressive residual stress on the sub-surface and the depth of residual stress layer, and the overall deviation is less than 15%. With the increase of shot peening intensity, the concentrated distribution of Schmid factor tends to decrease. Under shot peening intensity of 0.25 A, the depth distribution of strain layer and compressive residual stress layer is similar, increasing by 57.1% and 53.3% compared to 0.15 A respectively. High cycle fatigue results show that, compared with 0.15 A, 0.25 A shot peening intensity fatigue limit increases by 4.7%, and the fatigue life under two kinds of shot peening intensities achieve 107 cycles. The depth of compressive residual stress layer has little effect under high load and low cycle, and inhibition of crack initiation increases under low load and high cycle. Higher surface compressive residual stress and depth of compressive residual stress layer have more significant effects on restraining fatigue caused by tensive residual stress.