The integration of 5D BIM into the construction industry presents both transformative benefits and significant challenges for contractors. A literature review was undertaken to identify the major benefits and challenges to successful 5D BIM implementation by contractors in the construction industry. An analysis of the findings suggest that 5D BIM, with its advanced cost modelling capabilities, enhances project efficiency, cost control, and stakeholder communication. Significant benefits are: enhanced cost control; improved collaboration; increased accuracy and efficiency; proactive risk management, and competitive advantage. Significant challenges are: cultural resistance; high initial costs; skill gaps; data and software compatibility, and lack of standardisation. To maximise the potential of 5D BIM, the construction industry must address these challenges through strategic investments and collaborative efforts, including promoting a culture of innovation, providing comprehensive training programmes, and developing standardised BIM protocols. Further research is needed to develop a framework for the utilisation of 5D BIM by contractors, in order to address and ameliorate the challenges identified in this study, as well as empirical research to establish BIM protocols in the construction industry, by investigating what information/data within BIM models supplied by the design team is of most benefit to main contractors when using 5D BIM on construction projects.