In recent years, the Metaverse has gained attention as a hub for technological revolution. However, its main platform suffers from issues like low‐quality content and lackluster virtual environments, leading to subpar user experiences. Concerns arise from declining interest in NFTs and failed virtual real estate ventures, casting doubt on the Metaverse's future. Artificial intelligence generated content (AIGC) emerges as a key driver of Metaverse advancement, using AI to create digital content efficiently and affordably. AIGC also enables personalized content, enhancing the Metaverse. This paper examines the link between the Metaverse and AIGC, exploring AIGC's applications, underlying technologies, and future challenges. It reveals that while AIGC shows promise for improving the Metaverse, its technologies must better align with development needs to deliver immersive experiences.