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In wireless communication, Fifth Generation (5G) Technology is a recent generation of mobile networks. In this paper, evaluations in the field of mobile communication technology are presented. In each evolution, multiple challenges were faced that were captured with the help of next-generation mobile networks. Among all the previously existing mobile networks, 5G provides a high-speed internet facility, anytime, anywhere, for everyone. 5G is slightly different due to its novel features such as interconnecting people, controlling devices, objects, and machines. 5G mobile system will bring diverse levels of performance and capability, which will serve as new user experiences and connect new enterprises. Therefore, it is essential to know where the enterprise can utilize the benefits of 5G. In this research article, it was observed that extensive research and analysis unfolds different aspects, namely, millimeter wave (mmWave), massive multiple-input and multiple-output (Massive-MIMO), small cell, mobile edge computing (MEC), beamforming, different antenna technology, etc. This article’s main aim is to highlight some of the most recent enhancements made towards the 5G mobile system and discuss its future research objectives.