The rapid growth of innovative technologies and the complexity of IT projects lead to the change in the tools and competency required for organization management and project management. Also, the scope of an IT product is no longer within a single project and team but requires the collaboration among multiple projects, teams and the alignment with the organization’s strategies. Therefore, project portfolio selection becomes a challenging process due to the complexity and uncertainty of various factors and risks. In the IT industry, the emergence of artificial intelligence (AI) could bring opportunities to organizations to address different challenges including challenges in project portfolio selection. In this paper, we have discussed the current challenges in IT project portfolio selection, the available methods and tools and their limitations. Then an overview of the potential applications of AI in IT project portfolio selection is explored. Finally, we conclude the paper by providing future research directions.