The unique potential of nanomedicine to address challenging health issues is rapidly advancing the field, leading to the generation of more effective products. However, these complex systems often pose several challenges with respect to their design for specific functionality, scalable manufacturing, characterization, quality control, and clinical translation. In this regard, the application of artificial intelligence (AI) and machine learning (ML) approaches can enable faster and more accurate data assessment, identifying trends and predicting outcomes, leading to efficient nanomedicine product development. This perspective paper discusses the potential of AI and ML in nanomedicine product development with a focus on their applications in discovery, assessment, manufacturing, and clinical trials. The potential limitations of AI and ML approaches in nanomedicine product development are also covered.