Formative assessment evaluates students’ academic performance by continuously tracking and providing feedback on their learning progress, and it is an indispensable and crucial part of the higher education. The development of AI technology has provided new approaches for the innovation of formative assessment. This paper uses empirical research methods to study the actual effect of AI - empowered formative assessment, and comparative research methods to explore the differences between AI - empowered formative assessment and manual formative assessment. It reaches the conclusion that AI - empowered formative assessment is not only more accurate in predicting the final exam score compared to manual formative assessment but also helps improve students’ comprehensive academic performance.