Next generation of wireless networks are characterized by two main features named Enhanced Mobile Broadband (eMBB) and Ultra Reliable Low Latency Communications (URLLC). These two services can be accommodated in the same wireless infrastructure so that wide range of users, demanding either massive throughput or extremely low latency and high reliability requirements, are directly benefited for providing various mission critical services. Co-existence of eMBB and URLLC services, however, demand highly efficient and less complex resource allocation schemes. In this paper, various resource allocation techniques are studied for the co-existence of eMBB and URLLC traffic to meet the heterogeneous specifications of each class of users. A detailed study on existing resource allocation schemes for simultaneous transmission of eMBB and URLLC services based on network slicing, flexible Transmit Time Interval (TTI), scheduling and distributed and federated learning are provided. Moreover, Machine Learning (ML) aided and Reconfigurable Intelligent Surface (RIS) and UAV assisted resource allocation techniques are also studied in detail. Additionally, this paper identifies some challenges for eMBB and URLLC service accommodation in the same wireless architecture and proposes their possible solution approaches.INDEX TERMS eMBB and URLLC, multiplexing, resource allocation, slicing, transmit time interval, machine learning.