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As advances in artificial intelligence (AI) and machine learning (ML) continue to transform commercial applications, the scientific community is increasingly eager to harness AI/ML’s power to accelerate modeling and discovery. However, purely data-driven AI methods often lack interpretability, generalizability, and consistency with established scientific principles. Conversely, traditional process-based models embody deep scientific knowledge but suffer from limited scalability or incomplete representation of complex systems. Knowledge-guided machine learning (KGML) offers a promising path forward by integrating scientific knowledge with data-driven approaches to produce AI models that are robust, trustworthy, and capable of advancing both AI and science. This talk summarizes the foundations of KGML, outlines a taxonomy for organizing research efforts, and highlights emerging opportunities for broad scientific impact.