In Industry 5.0, humans and machines work together, using advanced technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and automation to improve efficiency, productivity, and quality while also supporting sustainable practices and human values. There is a growing interest in learning about the challenges of Industry 5.0 and exploring these technologies to promote sustainability and responsible business practices. We need a hybrid decision model to strike a balance between technical progress, human values, and sustainable practices as we move toward Industry 5.0, which presents enormous challenges in the areas of technology, the environment, society and ethics, and business and economics. Through a literature analysis guided by the PRISMA technique and the Delphi method, the study highlighted challenges in the areas of technology, the environment, society and ethics, and business and economics, as well as solution measures to address them. The weightage of the challenges was determined using the Best Worst Method, and the ranking of the potential solutions was prioritized using the Elimination and Choice Expressing Reality method.