The rapid integration of Artificial Intelligence (AI) into the fabric of modern society represents one of the most significant technological shifts of the 21st century. This paper provides a comprehensive analysis of the profound and often contradictory social impacts of AI across key domains: the economy, healthcare, the public sphere, and daily life. It argues that AI acts as a double-edged sword, simultaneously generating unprecedented opportunities for efficiency, innovation, and personalization while also exacerbating existing social inequalities, creating new ethical dilemmas, and threatening democratic processes. The research examines the disruptive effects of AI on the labor market, highlighting the polarization of jobs and the urgent need for reskilling. It explores the transformative potential of AI in healthcare through improved diagnostics and personalized medicine, while also cautioning against data privacy concerns and algorithmic bias. Furthermore, the paper investigates the role of AI in shaping the information ecosystem, focusing on the perils of algorithmic curation, the proliferation of disinformation, and the rise of surveillance capitalism. The study concludes that to harness the benefits of AI and mitigate its risks, a robust framework of human-centric governance, continuous public discourse, and proactive ethical regulation is not merely advisable but essential for steering this powerful technology towards a more equitable and socially beneficial future.