The Internet of Things (IoT) is a rapidly growing technology that connects and integrates billions of smart devices, generating vast volumes of data and impacting various aspects of daily life and industrial systems. However, the inherent characteristics of IoT devices, including limited battery life, universal connectivity, resource-constrained design, and mobility, make them highly vulnerable to cybersecurity attacks, which are increasing at an alarming rate. As a result, IoT security and privacy have gained significant research attention, with a particular focus on (...) developing anomaly detection systems. In recent years, machine learning (ML) has made remarkable progress, evolving from a lab novelty to a powerful tool in critical applications. ML has been proposed as a promising solution for addressing IoT security and privacy challenges. In this article, we conducted a study of the existing security and privacy challenges in the IoT environment. Subsequently, we present the latest ML-based models and solutions to address these challenges, summarizing them in a table that highlights the key parameters of each proposed model. Additionally, we thoroughly studied available datasets related to IoT technology. Through this article, readers will gain a detailed understanding of IoT architecture, security attacks, and countermeasures using ML techniques, utilizing available datasets. We also discuss future research directions for ML-based IoT security and privacy. Our aim is to provide valuable insights into the current state of research in this field and contribute to the advancement of IoT security and privacy. (shrink)