Abstract Society 5.0 (S5.0) envisions the integration of cutting‐edge technologies with societal needs, leading to the development of a super‐smart society. This paper explores the concept of S5.0 and its relationship with Industry 5.0 (I5.0), focusing on how I5.0 can facilitate the realization of a technologically advanced and socially inclusive society. This article aims to provide adequate reasoning for considering I5.0 as a platform for the development of S5.0. The systematic literature review (SLR) method is used, which includes the following steps: selecting and analyzing relevant sources, summarizing and synthesizing the literature, analyzing challenges and opportunities, drawing conclusions, and identifying potential avenues for future research. Blending the principles of S5.0 with the practices of I5.0 can envision a future where advanced technologies are not only used to optimize industrial processes but also to address societal challenges. This integration can lead to the development of innovative solutions that promote economic growth, environmental sustainability, and social well‐being, while also fostering a healthier work–life balance. The findings highlight the transformative impact of I5.0 across various domains such as healthcare, transportation, energy, education, and governance. The findings presented in this article have several practical and managerial implications, including embracing technology integration, prioritizing a human‐centered approach, considering sustainability and ethics, and engaging stakeholders effectively. This article intends to provide an unbiased assessment to ascertain the landscape occupied by S5.0 and I5.0. This article highlights the connection and synergy between I5.0 and S5.0, as well as the pertinence of how advanced technologies of I5.0 can influence and contribute to the development of a new society: S5.0.