In the context of Industry 5.0, the fusion of human expertise with cutting-edge technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), robots, big data analytics, the Internet of behaviours (IoB), and other innovative technologies is of the utmost importance. Photonics and optoelectronics are pivotal in facilitating high-speed data transmission and the implementation of AR and VR systems, which will enhance human–machine interactions. Additionally, devices like solar cells that use optoelectronics contribute to reducing energy consumption and carbon footprint in industrial processes. Industry 5.0 heavily depends on the technical advancements offered by photonics and optoelectronics, as they promote energy efficiency and the integration of smart devices, thereby contributing to the establishment of responsive and adaptable production environments. This chapter briefly discusses Industry 5.0 and the evolution of Industry 4.0 to Industry 5.0. Principal components, technologies, and application areas of Industry 5.0 are discussed. Industry 5.0 presents an encouraging production era where the synergy between humans and modern technology drives efficiency, sustainability, and creativity, with photonics and optoelectronics playing indispensable roles in this transformative journey.