Artificial Intelligence (AI) has emerged as a transformative tool in various fields, including medicinal chemistry and drug discovery. The integration of artificial intelligence (AI) and machine learning (ML) technologies in medicinal chemistry has revolutionized drug discovery processes. Among AI models, ChatGPT (Generative Pre‐trained Transformer) has shown remarkable capabilities in natural language understanding and generation. This review article delves into the potential applications and prospects of ChatGPT in the domain of medicinal chemistry, focusing on its contributions to drug discovery, compound design, virtual screening, target identification, and optimization of pharmacokinetic properties. ChatGPT′s ability to generate contextually relevant text makes it a valuable tool for data mining and analysis of vast chemical and biological information repositories. In this review article, the authors have discussed the challenges and ethical considerations associated with the implementation of ChatGPT 3.5 in medicinal chemistry research. Authors also extend their acknowledgment to ChatGPT (version 3.5) for its contribution in furnishing responses to the prompt, thereby shedding light on the applications of ChatGPT in the field of medicinal chemistry. The authors have analyzed the responses of ChatGPT.