Precision medicine has altered the paradigm of cancer research and clinical oncology with improved patient prognosis and outcomes. The advent of high-throughput sequencing technologies and their integration with Machine Learning (ML) and Artificial Intelligence (AI) algorithms have transformed the prospects of cancer care. Moreover, the application of AI/ML models can decode the genomic, epigenomic, and transcriptomic profiles of cancer patients, help in the molecular categorization of cancer patients, and design evidence-based personalized therapeutic strategies. In this article, we discuss some major technological advancements in cancer research, highlighting the role of AI/ML and DL algorithms in the diagnosis and predictive prognosis of cancer patients. We also discuss the utility of liquid biopsy for minimally invasive early cancer detection and treatment. Finally, we highlight the challenges and ethical considerations of AI/ML applications in clinical oncology.