The rollout of fifth generation(5G) wireless communication technology provides high spectral efficiency, high speed, greater density of users, high capacity, pseudo outdoor communication etc. In the year 2020, the data consumption is expected to increase 30% which cannot be supported by the current technologies such as 3G and 4G. The (4G) mobile communication uses Orthogonal Frequency Division Multiplexing (OFDM) technique in various systems like -Wi-MAX. Now as the technology is being advanced to 5G, there are some drawbacks of OFDM like -peak to average power ratio (PAPR), out of band emissions (OOB), and use of cyclic prefix (CP).In this paper, the drawbacks of Ofdm in Lte has been removed using the waveforms contenders like UFMC, FBMC, and GFDM overwhelmingly welcomed for the 5G air interface. applications of 5G are Internet of Things (IoT), Vehicle to Vehicle (V2V) communication, Machine to Any (M2X) communication.