This study attempts to capture a holistic view of the Artificial Intelligence (AI) tools and applications for elderly healthcare to understand the impact of information and communication technologies on the quality of life for elderly people. The empirical material is collected through a literature review. Machine learning (ML), Natural language processing (NLP), Deep learning models, diagnosis and treatment applications, administrative applications, and Internet of things (IOT) are considered as the important technologies used for AI-based elderly healthcare solutions. This research work contributes to the existing literature by extracting important themes from reviewed literature such as Smart homes for elderly, AI-based health monitoring technologies, wearable devices, gamification technologies in elderly care, Robotic systems, AI for privacy protection of elderly app users and Ethical aspects of AI technologies for elderly. Additionally, a general scarcity of research on the topics of privacy protection and ethical aspects of AI technologies for elderly and healthcare personnel is noticed.