Global challenges such as climate change and rapid technological advancements necessitate the concepts of Industry 5.0 and Green Transition as increasingly essential and significant. The modern economy and society are faced with the need to adapt to these new realities by creating sustainable models for development and production. The study focuses on the interaction between Industry 5.0 and Green Transition and their impacts on businesses and society. The aim is to establish, through an analysis of contemporary trends and challenges, how new technologies and sustainability strategies can change the way the business and society function. The following research tasks have to be settled for reaching the above-mentioned goal: (1) to synthesize an overview of the concept of Industry 5.0 and Green Transition; (2) to analyze the role of the European Industrial Strategy in promoting innovation, sustainable production and the development of competitive industries in the era of Industry 5.0 and Green Transition; (3) to analyze the relationship between Industry 5.0, Green Transition and Sustainable and Responsible business management; (4) to examine the degree of integration of Profit-Minded Business, Eco-Minded Business and Open-Minded Business concepts in Industry 5.0 and Green Transition. In the course of the study shall be justified the thesis that Industry 5.0 and Green Transition represent an opportunity to integrate advanced technologies and sustainable practices into all aspects of economic and social life. The results of the study are expressed in the understanding of the concepts of Industry 5.0 and Green Transition and the pursuit of ethical business management that is in harmony with nature and future generations. Overcoming the challenges associated with climate change and technological transformation and utilizing opportunities for innovation and collaboration will lead to sustainable business and future prosperity for society.