Power system protection and asset management have drawn the attention of researchers for several decades; but they still suffer from unresolved and challenging technical issues. The situation has been recently exacerbated in the wake of the ever-changing landscape of power systems driven by the growing uncertainty and volatility subsequent to the vast renewable energy integration, more frequent natural extreme events due to climate changes, increasing malicious cyberattacks, and more constrained transmission systems as the result of load growth and limited investments. On the opposite side, the proliferation of advanced measuring devices such as phasor measurement units, emerging electric and non-electric sensors, and Internet of Thing (IoT)-enabled data gathering platforms continually expand/nourish the databases; they hence offer unprecedented opportunities to take the advantage of data-driven techniques. Machine learning (ML) as a principal class of artificial intelligence is the perfect match solution to this need and has newly revoked many researchers’ interests to tackle the problems excluding their exact/detailed models. This paper aims to provide an overview on applications of ML techniques in power system protection and asset management. This paper elaborates on issues pertaining to (1) synchronous generators, (2) power transformers, (3) transmission lines, and (4) special and system-integrity protection schemes. In addition to the opportunities offered by the ML techniques, this paper discourses on the barriers and challenges to the wide-spread application of ML techniques in real-world practices.