Due to its potential to completely alter healthcare procedures, the application of artificial intelligence (AI) and machine learning (ML) techniques to the field of precision health has attracted a lot of interest. With a focus on the hazards and ethical issues involved, this study seeks to give a thorough review of the role played by AI and ML in enhancing precision health. The efficacy of AI-driven diagnostic tools in terms of illness diagnosis, prognosis, and therapy prescription is encouraging. Additionally, ML algorithms make it possible to create prediction models that help physicians make well-informed decisions, resulting in more individualized therapies and better patient outcomes. Questions concerning informed consent, autonomy, and the proper ratio of human judgment and algorithmic suggestions arise when AI is used in delicate activities like diagnosis and therapy selection. In situations when AI aids in cutting-edge medication research or therapeutic methods, concerns concerning ownership and intellectual property also surface.