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Background: Artificial Intelligence is making a significant transformation in human lives. Its application in the medical and healthcare field has also been observed to make an impact and improve overall outcomes. There has been a quest for similar processes in mental health due to the lack of observable changes in the areas of suicide prevention. In the last five years, there has been an emerging body of empirical research applying the technology of artificial intelligence (AI) and machine learning (ML) in mental health. Objective: To review the clinical applicability of the AI/ML-based tools in suicide prevention. Methods: The compelling question of predicting suicidality has been the focus of this research. We performed a broad literature search and then identified 36 articles relevant to meet the objectives of this review. We review the available evidence and provide a brief overview of the advances in this field. Conclusion: In the last five years, there has been more evidence supporting the implementation of these algorithms in clinical practice. Its current clinical utility is limited to using electronic health records and could be highly effective in conjunction with existing tools for suicide prevention. Other potential sources of relevant data include smart devices and social network sites. There are some serious questions about data privacy and ethics which need more attention while developing these new modalities in suicide research.