The effect of $CeO_2$ as a sintering additive on the microstructure and the piezoelectric property of yPb$(Sb_{0.5}Nb_{0.5})O_3$-(1-y)Pb$(Zr_{0.52}Ti_{0.48})O_3$ ($0{leq}y{leq}0.1$, PSN-PZT) for a hypersonic sound speaker (HSS) application was investigated. The samples were sintered at $1250^{circ}C$ for 2 h. The crystal structure and surface morphology of the samples were examined using XRD and FE-SEM, respectively. Study on the influence of $CeO_2$ additives on the dielectric and piezoelectric properties indicated that the $CeO_2$-added PSN-PZT system had a high piezoelectric properties. The optimized results of ${varepsilon}_r=1209$, $K_p$=52% $d_{33}$=351(pC/N) and $Q_m$=1230.16 were obtained at 0.4 wt.% $CeO_2$-added PSN-PZT.