The Internet of Things (IoT) is a mesh network of interconnected objects with unique identifiers that can transmit data and communicate with one another without the need for human intervention. The IoT has brought the future closer to us. It has opened up new and vast domains for connecting not only people, but also all kinds of simple objects and phenomena all around us. With billions of heterogeneous devices connected to the Internet, the network architecture must evolve to accommodate the expected increase in data generation while also improving the security and efficiency of connectivity. Traditional IoT architectures are primitive and incapable of extending functionality and productivity to the IoT infrastructure’s desired levels. Software-Defined Networking (SDN) and virtualization are two promising technologies for cost-effectively handling the scale and versatility required for IoT. In this paper, we discussed traditional IoT networks and the need for SDN and Network Function Virtualization (NFV), followed by an analysis of SDN and NFV solutions for implementing IoT in various ways.