Differences in the amount of water-mist separation and the intensity of luminol chemiluminescence for pulsed and continuous-wave (CW) ultrasound at 135 kHz have been investigated. The amount of mist generated is estimated using the cooling rate of a copper plate sprayed with the mist. For pulsed operation with an appropriate duty cycle, the cooling rate and the cooling rate per input power to the transducer are higher by 4 and 12 times compared to CW operation, respectively. This is due to the amplitude of the pulsed ultrasound being higher than that for CW ultrasound. Relatively low power pulsed operation can successfully produce both a higher sonochemiluminescence (SCL) intensity and cooling rate than those for CW ultrasound. The sonochemical reaction for pulsed ultrasound occurs at the same input power threshold as that for mist separation, whereas for CW ultrasound, the former threshold is lower than the latter. A higher number of large bubbles is produced with CW ultrasound than that with pulsed ultrasound. To achieve a sound pressure amplitude sufficient for mist separation near the surface of a liquid, it is necessary to expel these bubbles by changing the sound field from resonant standing waves to progressive waves that give rise to capillary waves on the liquid surface.