This review investigates the integration of machine learning (ML) and blockchain technology, highlighting their combined potential to drive transformation across sectors such as healthcare, finance, and supply chain management. ML offers data-driven insights through predictive analytics, automation, and intelligent decision-making, while blockchain provides a secure, decentralized framework with transparency and immutability. Together, these technologies present solutions to critical challenges, including fraud detection, operational inefficiencies, and data privacy, promising significant advancements across various industries. ML enhances diagnostics and treatment personalization in healthcare, while blockchain protects sensitive medical data. In finance, blockchain fosters transparency within decentralized finance (DeFi), while ML strengthens fraud detection and trading strategies. In supply chain management, blockchain ensures traceability, while ML optimizes logistics and demand forecasting. Despite their synergies, integrating ML with blockchain faces challenges, notably in scalability, computational efficiency, and privacy. This review critically examines recent advancements, practical use cases, and barriers to adoption, synthesizing strategies that can address these challenges to unlock the transformative potential of these emerging technologies.