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Materials artificial intelligence (MAI) has revolutionized the discovery, design, and optimization of new materials by leveraging machine learning algorithms to analyze complex datasets and predict properties with high accuracy. However, the rapid proliferation of MAI tools has raised critical questions about benchmarking practices, which are essential for evaluating model performance, ensuring reproducibility, and addressing ethical concerns. This narrative review examines current benchmarking frameworks in MAI, highlighting what is effectively measured—such as predictive accuracy and computational efficiency—and what is often overlooked —such as data bias, interpretability, fairness, and ethical implications. Drawing on recent advances in frameworks such as JARVIS-Leaderboard and Matbench, the review discusses challenges in data quality, reproducibility, and the integration of explainable AI (XAI) methods. It also explores active learning strategies for optimizing materials discovery under limited data conditions and proposes directions for more inclusive and transparent benchmarking. By synthesizing insights from diverse studies, this review aims to guide future MAI research toward robust, equitable, and ethically sound practices that accelerate innovation while mitigating risks.