he rapid progress in implementing Artificial Intelligence (AI) across various domains such as healthcare decision-making, medical diagnosis, and others has raised significant concerns regarding the fairness and bias embedded within AI systems. This is particularly crucial in sectors like healthcare, employment, criminal justice, credit scoring, and the emerging field of generative AI models (GenAI) producing synthetic media. Such systems can lead to unfair outcomes and perpetuate existing inequalities, including biases ingrained in the synthetic data representation of individuals.This survey paper provides a concise yet comprehensive examination of fairness and bias in AI, encompassing their origins, ramifications, and potential mitigation strategies. We scrutinize sources of bias, including data, algorithmic, and human decision biases, shedding light on the emergent issue of generative AI bias where models may replicate and amplify societal stereotypes. Assessing the societal impact of biased AI systems, we spotlight the perpetuation of inequalities and the reinforcement of harmful stereotypes, especially as generative AI gains traction in shaping public perception through generated content.Various proposed mitigation strategies are explored, with an emphasis on the ethical considerations surrounding their implementation. We stress the necessity of interdisciplinary collaboration to ensure the effectiveness of these strategies. Through a systematic literature review spanning multiple academic disciplines, we define AI bias and its various types, delving into the nuances of generative AI bias. We discuss the adverse effects of AI bias on individuals and society, providing an overview of current approaches to mitigate bias, including data preprocessing, model selection, and post-processing. Unique challenges posed by generative AI models are highlighted, underscoring the importance of tailored strategies to address them effectively.Addressing bias in AI necessitates a holistic approach, involving diverse and representative datasets, enhanced transparency, and accountability in AI systems, and exploration of alternative AI paradigms prioritizing fairness and ethical considerations. This survey contributes to the ongoing discourse on developing fair and unbiased AI systems by outlining the sources, impacts, and mitigation strategies related to AI bias, with a particular focus on the burgeoning field of generative AI.