Let H be a separable, complex Hilbert space and A be a bounded linear operator on H. For a closed subspace \(\mathscr {M}\) of H, the local commutant of A at \(\mathscr {M}\) is defined by \(\begin{aligned} \mathscr {C}(A;\mathscr {M}):={\{T\in \mathscr {B}(H): TAx=ATx,\; \text {for all}\; x\in \mathscr {M}}\}. \end{aligned}\) The subspace \(\mathscr {M}\) is called ultrainvariant subspace for A if \(\mathscr {M}\) is invariant for every \(T\in \mathscr {C}(A;\mathscr {M})\) . Every ultrainvariant subspace is necessarily hyperinvariant, though the converse does not always hold. In this article, first, we discuss some important properties of ultrainvariant subspaces of Hilbert space operators. Later, we describe ultrainvariant subspaces of unilateral right and left shift operators on the Hardy Hilbert space. Finally, we completely determine the ultrainvariant subspaces of an isometry on a Hilbert space.