With the increase in the number of communication devices, the requirement for higher bandwidth is essential. To achieve this goal, research and industrial communities have both suggested that future wireless systems will take advantage of the numerous emerging technologies. Utilization of Cognitive Radio (CR) for the next-generation Fifth Generation (5G) communication technology is the major advancement for getting a higher bandwidth in a cellular communication network. In this paper, we present a comprehensive study of CR from the perspectives of spectrum allocation schemes, impact and role of MAC layer in spectrum sensing and sharing, CR application in multi-hop wireless networks, and challenges associated with channel selection and packet routing in multi-hop heterogeneous CR networks. This paper also presents the analysis, in literature, of a range of intelligent routing protocols that are considered viable for packets routing in CR networks. The need to address the issue of spectrum depletion and the apparent underutilization of available scarce spectrum resources in existing wireless networks is the primary motivation behind this study. Considering the fact that CR technology can potentially maximize the utilization of bulk of the unused communication spectrum bands for the future 5G of wireless network and beyond.