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A comprehensive analysis of AI ethics and bias, highlighting the critical need for a robust ethical framework as artificial intelligence permeates global society. It explores the foundational principles like Fairness, Accountability, and Transparency (FAT), and meticulously dissects the various sources and types of AI bias, illustrating their real-world impact across critical sectors such as employment, criminal justice, finance, and healthcare through detailed case studies. Furthermore, the text examines the global landscape of AI governance, comparing diverse regulatory approaches from the EU's legally binding framework to the US's voluntary guidance and China's state-centric model, while also scrutinizing corporate responsibility initiatives and the persistent gap between stated principles and actual practice. Finally, it addresses emerging ethical challenges posed by generative AI, including misinformation and intellectual property issues, and the profound implications of autonomous systems, particularly lethal autonomous weapons, emphasizing the urgent need for a continuous, multi-stakeholder dialogue and adaptive governance to ensure AI aligns with human values.