Innovation 5.0 is an innovation paradigm that builds upon the principles of open innovation theory and evolves from Innovation 4.0, to incorporate the sustainability, human-centricity, and resilience goals of Industry 5.0. This conceptual article aims to delve into the transformative potential of Innovation 5.0 in reshaping platform business model (PBM). The article adopts a conceptual approach, drawing upon a comprehensive review of relevant academic literature, exploring key concepts of platforms, platform enterprises, platform business model, and platform economy. Further, it leverages the tenets of Innovation 5.0, as articulated through the Sextuple Helix Model, to reshape the Platform Business Model Canvas (PBMC). The article suggests that under the Innovation 5.0 framework, businesses have the potential to become catalysts for sustainable, equitable, and inclusive ecosystems. This transformation empowers SMEs, improves user experiences, promotes sustainability, fosters collaboration, and accelerates economic growth. The article advocates holistic PBM, integrating Innovation 5.0 principles for sustainable platforms. Policymakers should support Innovation 5.0 initiatives and researchers should explore PBM-SME nexus.