Fifth-generation (5G) and next-generation networks can unite various networks on a single platform to provide seamless connectivity in high-density and high-mobility scenarios. In Network slicing, the radio access network and core networks are sliced as per the user's requirement. Since it is known that, limited resources are shared among multiple users in network slicing. Nonetheless, current methods are not always successful in providing sufficient segregation and resource distribution among renters. Therefore, multiple slices encounter varying degrees of performance deterioration and QoS challenges. Furthermore, an efficient technique to allocate limited resources is also required to serve a multi-tenant environment. Here the proposed system offers sufficient tenant isolation and resource distribution. This paper proposes a common resource pool consumable through numerous slices, with an efficient system for allocating resource requests. This is done by prioritizing the various user’s demands in the same physical environment while considering their QoS parameters. Further, the paper discusses the QoS-aware resource allocation in an IoT 5G network architecture. Finally, the QoS parameters of the proposed system are compared with the key parameters of 5G.