Ultra-reliable and low-latency communications (URLLC) is one of the cornerstone services of fifth-generation and beyond (B5G) wireless networks. The URLLC use cases demand strict block error probability and very low-latency targets, and thus even a small 32 byte of payload corruption could be detrimental to the user experience and the overall system performance. Ideally, the current heterogeneous network model and innovative technologies have paved the way for the seamless optimization of B5G URLLC applications. Yet, unprecedented interference issues due to the uncoordinated nature of modern wireless networks, innovative radio access techniques, and frequency reuse methods can significantly affect the performance of the URLLC systems. Therefore, understanding and mitigation of all types of interference associated with each URLLC technology, deployment scenario, and wireless transmission mode are prudent. In this regard, many authors have recently presented interpretative and analytical studies on the management of interference issues; however, the discussion was limited to application-centric approaches and earlier research trends. In this review article, we primarily discuss different types of interference challenges related to the URLLC systems using contemporary designs, frameworks, access modes, and enabling technologies for B5G and sixth-generation (6G) communication networks. We present state-of-the-art research work, in-depth analysis of interference problems, and guidance on the futuristic 6G URLLC technologies and communication networks. This study intends to provide a holistic vision of B5G/6G URLLC systems, their empirical aspects, limitations, essential techniques, and an outlook toward future research avenues.