Over the past few years, the popularity of influencers on social media (SM) has increased, and influencer marketing has become an important element in companies' marketing strategies. This has resulted in significant interest from researchers and practitioners; consequently, the number of publications devoted to the topic of influencers and influencer marketing has risen. Simultaneously, computer‐generated avatars and virtual influencers (VIs), including those using artificial intelligence (AI) and machine learning, have begun to emerge and gain popularity in the SM space. Thus far, research on these topics has been limited, with few studies examining the issue from different perspectives. Given the growing potential of VIs' inclusion in the consumer decision‐making process, and this being a developing field, a comprehensive and critical review of existing research on this subject is urgently needed. In response, this study consolidates the current state of research on virtual, AI, and computer‐generated influencers. A systematic review of peer‐reviewed articles was conducted to identify key themes and dominant concepts. An analysis of 35 articles provides an understanding of this phenomenon, shedding light on the mechanisms underlying the appeal of VIs and their role in shaping consumer attitudes and behaviors. Based on the analysis, the main thematic streams from the study are presented. Further, research gaps have been identified, and recommendations made for future research directions.