AlphaFold3, the latest release of AlphaFold developed by Google DeepMind and Isomorphic Labs, was designed to predict protein structures with remarkable accuracy. AlphaFold3 enhances our ability to model not only single protein structures but also complex biomolecular interactions, including protein-protein interactions, protein-ligand docking, and protein-nucleic acid complexes. Herein, we provide a detailed examination of AlphaFold3's capabilities, emphasizing its applications across diverse biological fields and its effectiveness in complex biological systems. The strengths of the new AI model are also highlighted, including its ability to predict protein structures in dynamic systems, multi-chain assemblies, and complicated biomolecular complexes that were previously challenging to depict. We explore its role in advancing drug discovery, epitope prediction, and the study of disease-related mutations. Despite its significant improvements, the present review also addresses ongoing obstacles, particularly in modeling disordered regions, alternative protein folds, and multi-state conformations. The limitations and future directions of AlphaFold3 are discussed as well, with an emphasis on its potential integration with experimental techniques to further refine predictions. Lastly, the work underscores the transformative contribution of the new model to computational biology, providing new insights into molecular interactions and revolutionizing the fields of accelerated drug design and genomic research.