Spray technology is widely used in various industries, including medicine, food production, mechanical engineering, and nanopowder manufacturing. Achieving high dispersion and a narrow particle size distribution is crucial for many applications. Ultrasonic spraying is commonly used to achieve this. On the other hand, hydraulic nozzles provide high atomization performance. We propose a new acoustic-hydraulic nozzle design that combines ultrasonic and hydrodynamic atomization technologies. We have conducted theoretical and experimental studies on the operation of this nozzle and found that it produces a highly dispersed aerosol with high productivity when switched to cavitation mode. We have also investigated the threshold conditions for transitioning to the cavitation mode, which depend on fluid pressure and ultrasound intensity. The new acoustic-hydraulic nozzle design is beneficial for technological tasks that require a highly dispersed aerosol with high productivity while minimizing energy consumption.