The construction industry is one of the least digitized industries in the world, which makes it difficult for it to solve the problems it is currently facing. Artificial intelligence (AI) is currently revolutionizing various industries, and subfields of artificial intelligence such as machine learning, knowledge-based systems, computer vision, robotics, and optimization have been successfully applied in industries to achieve increased profitability, security, and efficiency. Although AI applications bring a number of benefits, there are still many challenges when adopting AI in the construction industry. Therefore, this paper presents the opportunities and challenges of applying artificial intelligence in construction, provides an insight into the key applications of artificial intelligence, as well as the path to realizing the visible advantages of artificial intelligence in the construction industry. AI will have the most significant impact in the planning phase, as it has the greatest capacity for improvement. The technologies that will see the greatest growth during this phase are predictive modeling that determines risk, prevents cost overruns using machine learning algorithms, and enhances the health and safety of on-site personnel by analyzing images simultaneously. To effectively use these technologies, companies must invest in appropriate tools and strategies for data collection and processing and advanced data analytics.