Artificial intelligence (AI) technologies, particularly the subfield of machine learning (ML), has been expected to bring significant benefits to all sectors of business and public services. The manufacturing industry is considered one of the domains most likely to benefit from AI tech-nologies. During the recent years, there has been a growing research and development effort on machine learning–based solutions for manufacturing industries, as shown by the growing number of research publications. However, the business, environmental or societal benefits of applying ML in manufacturing industry have not been reviewed and evaluated. This paper re-views the reported benefits of ML in the manufacturing industry by analysis of scientific publi-cations. The focus of the review is on research papers that were published from 2017 to 2021. The review pays particular attention to the industry sector, manufacturing operations, machine learning methods used, maturity of results and the benefits pursued and achieved. The benefits are divided into business benefits, environmental sustainability, and societal sustainability. The analysis shows that the maturity of ML-based solutions is still low, despite the intensive research. Consequently, future research projects should place more emphasis on the maturity of the solu-tions, which would lead to their broader adoption into operational use, thus benefiting industry and society at large. This calls for closer collaboration between the research community and in-dustry.