Industry 5.0 is an effort to address the human impacts of the fourth Industrial Revolution. It starts from the belief that businesses want to do more than just maximize profit and provides pathways for integrating social and environmental concerns into technological innovation. This ar- ticle is dedicated to the theoretical definition of the topic of the fifth industrial revolution. It de- scribes the differences between the last two industrial revolutions and defines three basic elements that are crucial for Industry 5.0. In the end, the scientific output is devoted to the description of specific ways in which simulation can help in the transition to Industry 5.0 and at the very end a summary, the challenges and requirements that Industry 5.0 brings.