Artificial Intelligence (AI) has recently started to gear-up its application in various sectors of the society with the pharmaceutical industry as a front-runner beneficiary. This review highlights the impactful use of AI in diverse areas of the pharmaceutical sectors viz., drug discovery and development, drug repurposing, improving pharmaceutical productivity, clinical trials, etc. to name a few, thus reducing the human workload as well as achieving targets in a short period. Crosstalk on the tools and techniques utilized in enforcing AI, ongoing challenges, and ways to overcome them, along with the future of AI in the pharmaceutical industry, is also discussed.