With rapid technological advancements, the emergence of deepfakes and digital misinformation has become both a powerful tool and a formidable challenge. Deepfakes—realistic yet fabricated media generated through artificial intelligence—threaten media credibility, public perception, and democratic integrity. This study explores the intersection of AI technology with these concerns, highlighting AI's role both as a driver of innovation and as a defense mechanism. By conducting an in-depth review of literature, analyzing current technologies, and examining case studies, this research evaluates AI-based strategies for identifying and addressing misinformation. Additionally, it considers the ethical and policy implications, calling for greater transparency, accountability, and media literacy. Through examining present AI techniques and predicting future trends, this paper underscores the importance of collaborative efforts among tech companies, government agencies, and the public to uphold truth and integrity in the digital age.