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Very recently, intensive discussions and studies on Industry 5.0 have sprung up and caused the attention of researchers, entrepreneurs, and policymakers from various sectors around the world. However, there is no consensus on why and what is Industry 5.0 yet. In this paper, we define Industry 5.0 from its philosophical and historical origin and evolution, emphasize its new thinking on virtual-real duality and human-machine interaction, and introduce its new theory and technology based on parallel intelligence (PI), artificial societies, computational experiments, and parallel execution (the ACP method), and cyber-physical-social systems (CPSS). Case studies and applications of Industry 5.0 over the last decade have been briefly summarized and analyzed with suggestions for its future development. We believe that Industry 5.0 of virtual-real interactive parallel industries has great potentials and is critical for building …