Back-and-forth conversations with others are vital for children's development in the early years. While children's conversation partners have traditionally been their parents, teachers, and peers, recent advances in artificial intelligence have led to the introduction of machines that understand human speech and generate natural responses, and thus can engage children in conversations. As these technologies become increasingly ubiquitous in children's lives, questions arise as to how they might affect children's development: How do children interact with, perceive, and learn from conversational technologies? Can these technologies serve as children's social partners? In this article, I detail what we know about these topics and discuss the possible implications of conversational technologies for children's shifting media landscape. I also suggest research agendas that can unpack the complex interplay among children, their social contexts, and conversational technology.