Industry 5.0 is defined by the incorporation of organizational principles and technological advancements to create systems that are environmentally friendly, adaptable, and focused on meeting human needs. Despite the explanation of Industry 5.0, its potential impact on management activities and organizational innovation remains largely unexplored. This article examines the field’s knowledge structure to present a framework that examines whether business organizations can drive innovation by benefiting from Society 5.0 principles and utilizing Industry 5.0 technology. We utilized the WOS and Scopus databases to perform three separate keyword searches on Industry 5.0, Society 5.0, and Innovation 5.0. We conducted a keyword analysis on 968 articles related to Industry 5.0, 297 articles related to Innovation 5.0, and 510 articles related to Society 5.0, all of which fall under the business management category. This was followed by a systematic literature review to determine the components of the proposed framework that would lead to Innovation 5.0 and sustainability through organizational activity. This research aims to establish a framework that assists organizations in fostering sustainability through Innovation 5.0 by leveraging Industry 5.0 technologies and opportunities and benefiting from the existence of Society 5.0 and smart cities. The framework also lays the groundwork for future research that examines the impact of the fifth industrial revolution on organizational activities.