IOT and 5G, two of the hottest buzzwords in technology are combining to transform our future by interconnecting everything: humans, cars, appliances and anything else that might benefit from an intelligent connection. Some of the key services for 2020+ timeframe involve smart city applications requiring smart-grid, transportation, medicine, connected homes and sensors creating the environment of Internet of Things. 5G is the foundation access technology for IOT applications. 5G is touted to be faster, reliable, with advanced features and many more that will cater to larger base of applications. As of pre 2020 time frame LTE and advanced LTE (Long Term Evolution) is leading the wireless computing, but the technology that is being offered by LTE is not sufficient to match the capabilities that lay ahead using IoT. IoT is the platform where millions of devices are connected to one another and exchange of data takes place which require an advanced technology, that which can be provided by 5G.In this paper a general view of how 5G will elevate the capabilities of IoT in the near future so as to cater businesses, home appliance consumers, healthcare etc. that will realize the far beyond future very near and early.