Mechatronic product development is a complex and multidisciplinary field that encompasses various domains, including, among others, mechanical engineering, electrical engineering, control theory and software engineering. The integration of artificial intelligence technologies is revolutionizing this domain, offering opportunities to enhance design processes, optimize performance, and leverage vast amounts of knowledge. However, human expertise remains essential in contextualizing information, considering trade-offs, and ensuring ethical and societal implications are taken into account. This paper therefore explores the existing literature regarding the application of artificial intelligence as a comprehensive database, decision support system, and modeling tool in mechatronic product development. It analyzes the benefits of artificial intelligence in enabling domain linking, replacing human expert knowledge, improving prediction quality, and enhancing intelligent control systems. For this purpose, a consideration of the V-cycle takes place, a standard in mechatronic product development. Along this, an initial assessment of the AI potential is shown and important categories of AI support are formed. This is followed by an examination of the literature with regard to these aspects. As a result, the integration of artificial intelligence in mechatronic product development opens new possibilities and transforms the way innovative mechatronic systems are conceived, designed, and deployed. However, the approaches are only taking place selectively, and a holistic view of the development processes and the potential for robust and context-sensitive artificial intelligence along them is still needed.