The emergence of Industry 5.0 signals a new era in industrial development, characterized by synergistic collaboration between humans and intelligent machines. Unlike Industry 4.0, which primarily emphasized automation and cyber-physical systems, Industry 5.0 prioritizes human-centric design, worker well-being, and sustainable productivity. This paper explores how human–machine collaboration is reshaping modern industries, with a focus on intelligent robotics, worker safety, and productivity optimization. Intelligent robotic systems are no longer confined to repetitive automation tasks but increasingly serve as collaborative partners that enhance human capabilities. Worker safety benefits from advanced sensors, AI-driven monitoring systems, and ergonomic co-working environments that minimize risks. Productivity is optimized through adaptive learning algorithms, data analytics, and real-time communication between humans and machines. Despite the potential, challenges such as cybersecurity, workforce retraining, and ethical considerations persist. The study concludes that successful implementation of Industry 5.0 depends on fostering a balanced integration of technology and human-centered values, paving the way for sustainable, inclusive, and resilient industrial ecosystems.