In this topical review, we present key results of studies on magnetization dynamics in artificial spin ice (ASI), which are arrays of magnetically interacting nanostructures. Recent experimental and theoretical progress in this emerging area, which is at the boundary between research on frustrated magnetism and high-frequency studies of artificially created nanomagnets, is reviewed. The exploration of ASI structures has revealed fascinating discoveries in correlated spin systems. Artificially created spin ice lattices offer unique advantages as they allow for a control of the interactions between the elements by their geometric properties and arrangement. Magnonics, on the other hand, is a field that explores spin dynamics in the gigahertz frequency range in magnetic micro- and nanostructures. In this context, magnonic crystals are particularly important as they allow the modification of spin-wave properties and the observation of band gaps in the resonance spectra. Very recently, there has been considerable progress, experimentally and theoretically, in combining aspects of both fields-artificial spin ice and magnonics-enabling new functionalities in magnonic and spintronic applications using ASI, as well as providing a deeper understanding of geometrical frustration in the gigahertz range. Different approaches for the realization of ASI structures and their experimental characterization in the high-frequency range are described and the appropriate theoretical models and simulations are reviewed. Special attention is devoted to linking these findings to the quasi-static behavior of ASI and dynamic investigations in magnonics in an effort to bridge the gap between both areas further and to stimulate new research endeavors.