This study aims to explore the application values of traditional ultrasound (contrast ultrasound [CUS]) and ultrasound elastography (UE) (including gray-scale ultrasound, color Doppler flow imaging, spectral Doppler ultrasound) in the diagnosis of breast masses. Postoperative histopathological diagnosis was used as the gold standard. One hundred seventy benign and malignant breast lesions from our hospital were retrospectively analyzed. The sensitivity, specificity, and diagnostic accuracy differences of breast malignancy diagnosed by UE and CUS were compared. The sensitivity, specificity, and diagnostic accuracy rates of breast malignancy diagnosed by UE were 98.7%, 90.2%, and 97.7%, whereas that by CUS were 93.6%, 76.1%, and 78.9%, respectively. The specificity and diagnosis rate of UE in the differential diagnosis of malignant breast lesions are superior to those of CUS and have an important clinical value.