On-demand controlled drug delivery is essential for the treatment of a wide range of chronic diseases. As the drug is released at the time when required, its efficacy is boosted and the side effects are minimized. However, so far, drug delivery devices often rely on the passive diffusion process for a sustained release, which is slow and uncontrollable. Here, we present a miniaturized microfluidic device for wirelessly controlled ultrafast active drug delivery, driven by an oscillating solid-liquid interface. The oscillation generates acoustic streaming in the drug reservoir, which opens an elastic valve to deliver the drug. High-speed microscopy reveals the fast response of the valve on the order of 1 ms, which is more than three orders of magnitude faster than the start-of-the-art. The amount of the released drug exhibits a linear relationship with the working time and the electric power applied to the ultrasonic resonator. The trigger of the release is wirelessly controlled via a magnetic field, and the system shows stable output in a continuous experiment for two weeks. The integrated system shows great promise as a long-term controlled drug delivery implant for chronic diseases.