5G and the Internet of Things (IoT) are a potent combination that offers a vast IoT infrastructure that can support billions of connected devices while maintaining reliability, affordability, and high-speed connectivity. Nevertheless, the integration of 5G-enabled IoT has received insufficient attention from security analysts, engineers, and researchers, resulting in a lack of information and viable solutions. This study investigates the benefits and issues associated with 5G-enabled IoT, including its privacy and security concerns as well as the technology drivers that enable its various layers. By incorporating 5G technology into IoT, several enhancements have been achieved, including enhanced reliability, simplicity, practicability, analysis, efficiency, agility, flexibility, and accessibility. To achieve the full potential of 5G for IoT, however, researchers must also address many research obstacles, such as designing the 5G-IoT architecture, managing committed machine interactions, and addressing security concerns. A promising strategy for overcoming these obstacles involves ensuring compatibility of operating systems with all devices, which will lead to the development of modern open-source standardization for smooth communication across diverse devices. This innovation will improve the security and privacy of 5G-enabled IoT devices by equipping their hardware with the intelligence to recognize, verify, and authorize processes with predetermined characteristics. This will provide authorized users with full autonomy and persistent connectivity, enhancing the overall user experience. However, 5G requires a thorough examination of its implications and difficulties. A safer and more efficient ecosystem for 5G-enabled IoT may be established by addressing these concerns and encouraging industry-wide collaboration.INDEX TERMS IoT, Internet of things, 5G-enabled IoT, 5G, 5G-IoT technology, IoT architecture.