Chemical Product Engineering (CPE) is marked by numerous challenges, such as the complexity of the properties–structure–ingredients–process relationship of the different products and the necessity to discover and develop constantly and quickly new molecules and materials with tailor-made properties. In recent years, artificial intelligence (AI) and machine learning (ML) methods have gained increasing attention due to their performance in tackling particularly complex problems in various areas, such as computer vision and natural language processing. As such, they present a specific interest in addressing the complex challenges of CPE. This article provides an updated review of the state of the art regarding the implementation of ML techniques in different types of CPE problems with a particular focus on four specific domains, namely the design and discovery of new molecules and materials, the modeling of processes, the prediction of chemical reactions/retrosynthesis and the support for sensorial analysis. This review is further completed by general guidelines for the selection of an appropriate ML technique given the characteristics of each problem and by a critical discussion of several key issues associated with the development of ML modeling approaches. Accordingly, this paper may serve both the experienced researcher in the field as well as the newcomer.