Significant advances in video compression systems have been made in the past several decades to satisfy the near-exponential growth of Internet-scale video traffic. From the application perspective, we have identified three major functional blocks, including preprocessing, coding, and postprocessing, which have been continuously investigated to maximize the end-user quality of experience (QoE) under a limited bit rate budget. Recently, artificial intelligence (AI)-powered techniques have shown great potential to further increase the efficiency of the aforementioned functional blocks, both individually and jointly. In this article, we review recent technical advances in video compression systems extensively, with an emphasis on deep neural network (DNN)based approaches, and then present three comprehensive case studies. On preprocessing, we show a switchable texturebased video coding example that leverages DNN-based scene understanding to extract semantic areas for the improvement Manuscript