The rise of artificial intelligence (AI) is rapidly influencing our education system. It is apparent that the students of today are mostly attached with their smart mobile phones, tablets, laptops, and various other forms of advanced technologies for their quality of learning. It has become an urgent necessity for school students to become future AI ready. Understanding the wide potential impact of AI, India has started initiatives to prepare young learners for future AI ready. Central Board of Secondary Education in the direction of National Education Policy (2020) introduces two-fold AI in its affiliated school curricula. Using a systematic review technique, the present study has attempted to explore the promise and potentiality of AI in school education, and provide a comprehensive overview of the current status and development trends of AI in school, the initiatives, planning, strategies, and steps taken by India and other countries regarding AI integration in their school system. Finally, the study brings out some concluding remarks towards innovative AI integration.