As the global population ages, older adults face growing psychological challenges such as loneliness, cognitive decline, and loss of social roles. Meanwhile, artificial intelligence (AI) technologies, including chatbots and voice-based systems, offer new pathways to emotional support and mental stimulation. However, older adults often encounter significant barriers in accessing and effectively using AI tools. This review examines the current landscape of AI applications aimed at enhancing psychological well-being among older adults, identifies key challenges such as digital literacy and usability, and highlights design and training strategies to bridge the digital divide. Using socioemotional selectivity theory and technology acceptance models as guiding frameworks, we argue that AI—especially in the form of conversational agents—holds transformative potential in reducing isolation and promoting emotional resilience in aging populations. We conclude with recommendations for inclusive design, participatory development, and future interdisciplinary research.