The advent of 5G technology has led in a new era of connectivity, promising incredible speeds, reduced latency, and improved dependability. In comparison, 5G would transform our environment by allowing vertical industries access to the telecommunications landscape. Vertical industries will benefit from 5G’s assistance in realizing the “Internet of Everything” dream of Omni-current wired, highly secure, ultra-low latency connectivity for massive devices. On the other hand, the growing use of multimedia content and consumer demand for high-quality services has resulted in a fundamental shift in how we handle networks in terms of abstraction, separation, and visualization of service aspects related to routing, control, and management. This paper explores network slicing in the context of 5G networks. It highlights the components, benefits, and technological innovations associated with network slicing. The paper emphasizes the need for upgrading existing network architectures and discusses the importance of interoperability, orchestration, and business models. It provides a concise overview of network slicing terminology and its significance in enabling customized services. By synthesizing existing research findings and identifying gaps in the literature, this survey aims to provide researchers, practitioners, and policymakers with valuable insights to foster the development and deployment of network slicing in 5G networks.