Nanotechnology continues to be essential in developing semiconductors, nanochips, and medical applications. The relationship between nanotechnology and artificial intelligence (AI) fosters a positive and mutually beneficial connection. AI has emerged as a disruptive tool that rapidly improves business processes. This paper examines the opportunities and drawbacks that AI can bring to nanotechnology using the PRISMA methodology. We found 32 relevant papers from a total of 111 for this study, highlighting the advantages and disadvantages of AI in the nanotechnology field, with 18 of these papers focusing on the medical sector. The opportunities presented by AI include enhanced analytics, real-time monitoring, advancements in the development of nanomaterials, improved efficiency and effectiveness, automation, and waste reduction. Conversely, the drawbacks of AI include limited resources, technical complexities, regulatory challenges, risk quantification, and the threat of cyberattacks. Given the current situation, we recommend a few AI-powered tools and software that can further the development of nanotechnology in the AI era. The recommendations can help practitioners understand how to leverage these tools to produce or improve nanomaterials. The research findings are helpful for those interested in nanotechnology and AI, and hence, future studies should focus on the newest materials that AI and nanotechnology can develop and enhance.