Wireless cellular networks are emerging to take a strong stand in attempts to achieve pervasive large scale obtainment, communication, and processing with the evolution of the fifth generation (5G) network. Both the present day cellular technologies and the evolving new age 5G are considered to be advantageous for the smart grid. The 5G networks exhibit relevant services for critical and timely applications for greater aspects in the smart grid. In the present day electricity markets, 5G provides new business models to the energy providers and improves the way the utility communicates with the grid systems. In this work, a complete analysis and a review of the 5G network and its vision regarding the smart grid is exhibited. The work discusses the present day wireless technologies, and the architectural changes for the past years are shown. Furthermore, to understand the user-based analyses in a smart grid, a detailed analysis of 5G architecture with the grid perspectives is exhibited. The current status of 5G networks in a smart grid with a different analysis for energy efficiency is vividly explained in this work. Furthermore, focus is emphasized on future reliable smart grid communication with future roadmaps and challenges to be faced. The complete work gives an in-depth understanding of 5G networks as they pertain to future smart grids as a comprehensive analysis.