Artificial intelligence is not a new term indeed; it has been talked about and discussed among scientists, investors, practitioners, etc., since the 1950s. Although progress was slow but recently speeded up with recent emerging technologies and application of AI is expanding to other fields, and for sure, AI soon will be used in day to day life of people. AI can be defined as the ability of machines to mimic natural intelligence using computers to analyze data, to learn from data and provide descriptive, predictive, or prescriptive analysis, to solve problems, to perform decision making like human beings. AI-based systems have the potential to enrich our quality of life, make our life easy, and improve overall economic and social well-being. Recently, AI has been used against coronavirus pandemics on diagnosing the problems, disinfecting patient rooms, providing data to trace the spreading virus, and using drones to deliver medical supplies, etc. Since Robots don't get the virus as humans, they are also being used safely in healing patients. Most discussions about the AI issues are focused on the protection of personal data and the responsibility or rights arising from artificial intelligence models. The law has two different functions for artificial intelligence systems; 1) artificial intelligence can produce lawful solutions, and 2) legal improvements ensure that the operation of the process is controlled and reliable for solutions created by artificial intelligence on other issues. The impact of artificial intelligence on the global economy will be profound. Some of the effects are already taking place, but much more is yet to come in the years ahead. All of the benefits don't come free and, many challenges are in need to be overcome, which shortly today's challenges might be solved, but advancements in AI will possibly bring new challenges in the future as well.