The fifth generation (5G) research and development has been fueled by many new breakthroughs in various areas. The recent progress in carrier aggregation (CA), licensed assisted access (LAA), massive MIMO (MaMi), beamforming techniques, cooperative spectrum sensing (CSS), compressive sensing (CS), machine learning, etc., has provided inspiring and promising approaches to address 5G and beyond challenges. However, at the user equipment (UE) end, limited design budget and hardware resources bring along a series of challenging implementation issues when delivering multi-standard and multi-functional wireless communications. In this paper, we first review recent advances in technical standards and critical enabling techniques, accompanied with several case studies of product developments. After the classification of typical 5G application and deployment scenarios, we propose and analyze a novel hardware reuse and multiplexing solution to facilitate cost-effective and energy-efficient UE design, followed by an investigation of state-of-the-art hardware development from the systems and circuits standpoint. Moreover, wireless UE hardware solutions, UE proof-of-concept (PoC) implementation and field test are proposed and discussed. Finally, the new trends of UE design and terahertz technologies for 5G and beyond applications are investigated and envisioned. LNA