Artificial intelligence (AI) is poised to transform healthcare. Healthcare providers warn that now, not later, is the time to address the ethical issues arising as medical researchers and clinicians adopt AI technology. AI is moving quickly from curiosity to reality in all facets of life. Healthcare providers are focusing on ensuring that AI-related technology will help advance patient safety. The potential of personalized medicine (PM), enabling individualized healthcare, must address the ethical issues associated with PM to ensure equity in healthcare delivery. This review examines these ethical dilemmas, focusing on bias, data privacy, transparency, accountability, and equitable access. It also highlights the roles and responsibilities of key stakeholders—including AI developers, healthcare providers, policymakers, and patients—in promoting ethical practices in such a rapidly evolving field. Finally, this article outlines strategies to address these challenges, ensuring that the benefits of AI in PM are distributed equitably and responsibly.