5G (The Fifth generation) is the state-of-the-art technology, which has the potential to create new interfaces for the daily used devices and networking components. To communicate with devices, wireless technologies are generally used and also 5G plays a major role in connecting larger number of users to provide smarter and faster communications. This is majorly designed for achieving better coverage, bandwidth, reliability & latency, which can grow faster across the globe. Basically, the concept behind the 5G and wireless technology is to reduce the load & stabilize the technical solutions to enable applications for better mobile communication and utilized with latest applications in the business area. The current 4G network i.e long term evolution advanced (LTE - A) is not as good as 5G for meeting the demands of multiple unified communication devices that requires a very high data speed , low latency quality of service (QoS) , higher bandwidth and negligence interference. Henceforth, IoT (Internet of Things) & 5G plays a major role in mobile applications & network for e.g. health applications, smart watches, smart cities, smart cards, beacons, etc. The concept of 5G & IoT along with its implementation, specifications, potential challenges and other similar parameters related to the modern 5G technology are discussed in this paper.