This presentation will provide a critical review on the fundamentals and key enabling technologies for ultraprecision machining of high precision components and devices, which covers ultraprecision machines, tooling, machining processes, in-process monitoring and measurement, and their seamless integration for forming ultraprecison manufacturing systems. Furthermore, design and development of ultraprecision manufacturing systems will be discussed and explored against some industrial applications, including those for varifocal lenses, ICT hardware and attomotive engine components. The presentation is concluded with a further discussion on the potential and application of the proposed approach and systems in broad precision engineering industry.