This paper explores the transformative potential of artificial intelligence (AI), particularly generative AI (GenAI), in supporting the teaching, learning, and assessment of second language (L2) listening and speaking. It examines how AI technologies, such as spoken dialogue systems and intelligent personal assistants, can refine existing practices, offer innovative solutions, and address challenges related to spoken language competencies, as well as drawbacks they present. It highlights the role of GenAI, explores its capabilities and limitations, and offers insights into the evolving role of GenAI in language education. This paper discusses actionable insights for educators and researchers, outlining practical considerations and future research directions for optimizing GenAI integration in the learning and assessment of listening and speaking.