This study explores the emergence and key characteristics of Industry 5.0 through a critical analysis, focusing on its pillars: Human Centrality, Resilience, and Sustainability. A total of 514 papers were retrieved from four databases, and 26 were selected for analysis, focusing on period 2019–2023. The European Industrial Strategy is discussed, considering the shift from Industry 4.0 to 5.0, especially post-COVID-19 challenges. Results indicate that Industry 5.0, emerging in 2020, brings a paradigm shift, placing humans at the core of production processes. The three pillars of Industry 5.0 are discussed comprehensively. Human centrality signifies a departure from Industry 4.0, emphasizing technology adaptation to humans, skills development and collaboration between humans and robots. Driven by global crises, the resilience pillar reflects the need for adaptive capabilities at a different levels. Sustainability, stresses eco-friendly practices, circular economy principles, and decarbonization. The discussion reflects on the challenges in Industry 5.0 implementation, emphasizing the role of governments, the importance of workforce development, and the potential positive impact on job creation. This study has limitations due to time constraints. Not all articles considered relevant were analyzed, limiting the broad understanding of the topic. It is suggested, for the future, the analysis of industry 5.0 implementation cases.