The Internet of Things (IoT) is an emerging field that has evolved in recent past years and tends to have a major effect on our lives in the coming future. The development of communication techniques is very rapid and tends to achieve many innovative results. With the invention of 5th Generation mobile networks, i.e., 5G, it is becoming an exciting and challenging topic of interest in the field of wireless communication. 5G networks have the ability to connect millions or billions of nodes without affecting the quality of throughput and latency. The 5G technology can develop a truly digital society in which every device may be connected through the Internet. IoT is an emerging technology in which everything can be connected and communicated via the Internet, the term everything may include computing devices, humans, software, platforms, and solutions. The development of this technology leads to the advent of a number of solutions that are helpful for humankind, for example, smart retailing creation of smart cities, smart farming, intelligent transport systems, smart eco-systems, etc. While IoT is a revolutionary technology in the progression of the Internet, it still has some significant challenges for implementation like ensuring security, performance issues, quality of support and saving of energy, etc. Furthermore, the paper elaborates on the motivation of combining two technology together named IoT and 5G for better communication. Additionally, the paper illustrates the basic architecture of IoT enabling 5G and discussed various solutions to provide communication. Moreover, the paper also discussed the various challenges and research gaps of 5G-IoT technology.