The rapid evolution of Industry 5.0 emphasizes human-centric, sustainable, and intelligent systems, where photonics and optoelectronics play a pivotal role in shaping the future of industrial applications. This chapter explores the fundamental principles of photonics, key technological advancements, and their integration into next-generation industrial systems. Emerging trends such as smart photonic sensors, integrated photonics, quantum photonics, AI-driven photonic design, and energy-efficient optoelectronic technologies are analysed for their transformative potential. Furthermore, the chapter discusses applications in smart manufacturing, high-speed communication, health care, security, and defence, highlighting how photonics enhances efficiency, precision, and sustainability. While the field presents challenges related to scalability, cost, and hybrid integration, ongoing research is driving innovative solutions to overcome these barriers. Future directions, including advancements in quantum photonics, AI-optimized optical systems, and neuromorphic photonics, are expected to redefine industrial automation and communication. Ultimately, photonics and optoelectronics will serve as fundamental enablers of Industry 5.0, fostering a more connected, intelligent, and sustainable industrial landscape.