ABSTRACT: Industry 5.0 represents a paradigm shift from the automation-centric Industry 4.0 to a human-centered approach, emphasizing collaboration between humans and machines, sustainability, and resilience. This paper explores the emergence of Industry 5.0, focusing on its human-centered automation framework and its socio-economic implications. Through a systematic literature review and thematic analysis, we identify key technologies (e.g., AI, IoT, cobots), principles, and challenges shaping Industry 5.0. The study highlights how human-centric automation enhances worker well-being, fosters inclusive employment, and aligns industrial processes with environmental goals. Socio-economic implications include improved job quality, reduced inequality, and sustainable economic growth, but challenges such as data privacy, ethical AI, and skill gaps persist. Two novel frameworks are proposed: a Human-AI Collaboration Maturity Model and a Socio-Economic Impact Matrix. The findings provide actionable insights for policymakers, industry leaders, and researchers to navigate the transition to Industry 5.0. This paper contributes to the literature by offering an original synthesis of human-centric automation’s transformative potential. KEYWORDS: Industry 5.0, Human-Centered Automation, Socio-Economic Implications, Human-Machine Collaboration, Sustainability, Resilience