Currently, artificial intelligence (AI) is being rapidly incorporated into K-12 education because of its increasing social and pedagogical importance. The integration of AI in K-12 education is likely to have a profound influence on the lives and learning styles of learners, teaching approaches of teachers, and the whole mechanism of school management systems. As AI technologies are new to K-12 school curriculum, the research on AI for K-12 classrooms is under explored. In this study, the current state of AI integration in school education and risks associated with it were explored. The study using a systematic review method attempted to explore the findings, observations, and results of recent research regarding the possible risk factors of AI integration in K-12 education. At initial search using predefined key terms, 390 articles were recorded. Using inclusion and exclusion criteria, 71 articles covering 34 journals and other publications were selected for final analysis. Selected 71 articles reported that AI innovation incorporation into K-12 education is associated with certain risks and challenges. Through a systematic review technique, we categorized them into major 6 risk areas namely Privacy and Autonomy Risks, AI Biases, Accuracy and Functional Risks, Deepfakes and FATE Risks, Social Knowledge and Skill Building Risks, and Risk in Shifting Teacher's Role. The study also explored these risk areas to provide an overview of how these are connected with teaching and learning process of K-12 education.