The emergence of COVID-19 with grey areas about the cure and spread of the infection is a significant challenge for the 21st century world. The COVID-19 pandemic has prodigious consequences on human lives and the healthcare industry is constantly seeking support from modern decisive technology such as Artificial Intelligence (AI) to tackle this rapidly spreading pandemic. AI mimicking human intelligence plays a crucial role to predict and track patients, helps to analyze data for various aspects, including medical image processing, drug and vaccine development, and prediction and forecast of this disease. The present study aims to review the potentialities of Artificial Intelligence to diagnose COVID-19 cases and analyze the database to assess it for prevention and combat against COVID-19. We can extract the new insights in drug discovery through deep learning AI algorithms to speed up the process of drug and vaccine development. AI thus acts as a potential tool to quell COVID-19. Besides, this article provides the finest review of the contribution of AI and constraints to its impact against COVID-19. The potentiality of AI must be mobilized to tackle COVID-19 that is crucial in saving human lives and restricts the damages to the world’s economy.