The detection and atmospheric characterization of exoplanets have entered a new data-intensive era driven by the James Webb Space Telescope and the upcoming Ariel mission. Modern surveys produce millions of light curves and high-resolution spectra that overwhelm traditional pipelines, motivating the rapid integration of Machine Learning and Deep Learning methods into the exoplanet workflow. This review synthesizes the latest progress in applying ML/DL techniques to exoplanet detection (transit identification, candidate vetting, false-positive rejection) and atmospheric characterization (retrieval, detrending, cross-correlation, surrogate modelling) in the context of JWST and Ariel. We start with classical algorithms such as Random Forests and Convolutional Neural Networks, move through Transformers and Recurrent architectures, then survey modern simulation-based inference using Neural Posterior Estimation and Flow Matching Posterior Estimation with normalizing or continuous normalizing flows. We discuss benchmark efforts, including the Ariel Machine Learning Data Challenges (2019 to 2025) hosted with NeurIPS, and key JWST case studies such as the WASP-39b Early Release Science programme. Results indicate that DL approaches consistently match or exceed traditional pipelines in both speed and accuracy, while ML-driven retrievals reduce inference time from CPU-hours to seconds and can accelerate nested-sampling retrievals by factors of 3-8 without compromising Bayesian evidence. We identify outstanding challenges interpretability, calibration of uncertainties under noisy data, hybrid modelling, and the generalization of models across instruments and planet populations and outline a research roadmap spanning the JWST era and beyond into Ariel's launch in 2029.

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