Artificial Intelligence (AI) and Machine Learning (ML) are transformative technologies that are reshaping industries, economies, and societies. From revolutionizing healthcare and finance to driving innovations in autonomous transportation and robotics, AI and ML are poised to redefine the future of technology. This paper explores the evolution of AI and ML, their core algorithms and techniques, their applications across various sectors, and the challenges associated with their implementation. By examining the historical milestones, advancements in computing power, and the intersection of cognitive computing, this paper offers a roadmap for future AI and ML developments. Furthermore, it highlights the critical ethical, societal, and environmental issues that must be addressed as these technologies continue to evolve. With a focus on responsible development and strategic implementation, this paper provides insight into how AI and ML will continue to impact global industries and societies in the coming years.