Generative AI is fundamentally transforming the software development industry by improving processes such as software testing, bug detection, bug fixes, and developer productivity. This talk explores how AI-driven techniques, particularly large language models (LLMs), are being utilized to generate realistic test scenarios, automate bug detection and repair, and streamline development workflows. As these technologies evolve, they promise to improve software quality and efficiency significantly. The discussion will cover key methodologies, challenges, and the future impact of generative AI on the software development lifecycle, offering a comprehensive overview of its revolutionary potential in the industry.