Carbon fiber-reinforced polymer (CFRP) has indispensable applications in the aerospace field because of its light weight, corrosion resistance, high specific modulus and high specific strength, but its anisotropy brings great difficulties to precision machining. Delamination and fuzzing, especially the heat-affected zone (HAZ), are the difficulties that traditional processing methods cannot overcome. In this paper, single-pulse and multi-pulse cumulative ablation experiments and drilling of CFRP have been carried out using the characteristics of a femtosecond laser pulse, which can realize precision cold machining. The results show that the ablation threshold is 0.84 J/cm2and the pulse accumulation factor is 0.8855. On this basis, the effects of laser power, scanning speed and scanning mode on the heat-affected zone and drilling taper are further studied, and the underlying mechanism of drilling is analyzed. By optimizing the experimental parameters, we obtained the HAZ < 10 μm, a cylindrical hole with roundness > 0.95 and taper < 5°. The research results confirm that ultrafast laser processing is a feasible and promising method for CFRP precision machining.