The integration of Artificial Intelligence (AI) models in Industrial Internet of Things (IIoT) systems has emerged as a pivotal area of research, offering unprecedented opportunities for optimizing industrial processes and enhancing operational efficiency. This article presents a comprehensive review of state-of-the-art AI models applied in IIoT contexts, with a focus on their utilization for fault prediction, process optimization, predictive maintenance, product quality control, cybersecurity, and machine control. Additionally, we examine the software and hardware tools available for integrating AI models into embedded platforms, encompassing solutions such as Vitis AI v3.5, TensorFlow Lite Micro v2.14, STM32Cube.AI v9.0, and others, along with their supported high-level frameworks and hardware devices. By delving into both AI model applications and the tools facilitating their deployment on low-power devices, this review provides a holistic understanding of AI-enabled IIoT systems and their practical implications in industrial settings.