Energy and time savings are highly important aspects of green manufacturing. Ultrasonic vibration-assisted grinding (UVAG) is a high-efficiency, low-energy-consumption processing method for optical components made from hard and brittle materials. This work presents an experimental investigation of the specific grinding energy and the subsurface damage depth in UVAG of optical glasses to estimate the increased energy and time savings produced when using UVAG in optical glass manufacturing. The normal and tangential grinding forces of traditional grinding (TG) and axial UVAG processes on optical glasses were investigated for various machining parameters. The specific grinding energies during the TG and UVAG of the optical glasses were calculated and analyzed from the perspective of the energy consumption of the grinding process. The subsurface damage depths in optical glass during TG and UVAG were measured as an estimate of the machining quality, and the magnetorheological polishing spot method was used to analyze the time saved in subsequent polishing processes. The results show that UVAG can reduce energy consumption during the grinding of glass and produce significant time savings in subsequent polishing processes. The UVAG process therefore shows good potential for use in green manufacturing of optical components.