Since the late 1980s, additive manufacturing (AM) has emerged as a prominent fabrication technology, experiencing significant advancements over the past decades. Even with its rapid development, this technology still faces many manufacturing challenges. Driven by the development of AM, 5D printing evolved from conventional 3D printing by incorporating five controlled degrees of freedom (three translational and two rotational axes) to enable non-planar deposition, curved-layer fabrication, and improved control of deposition orientation. This review critically analyses and summarizes 5D printing technology, detailing its development, material innovations, applications, and future outlook. The study starts with the evolution of printing from 1D printing, through 2D printing, to 3D printing, detailing its limitations and the paradigm shift to 5D printing. Further insights are also discussed regarding material selection, which plays a crucial role in determining the functionality and performance of 5D printing. Moreover, various applications of 5D printing across the aerospace, automotive, biomedical, jewelry, and food industries have been discussed, highlighting its potential for lightweight, high-strength, and tailored components. Furthermore, a detailed SWOT analysis of 5D printing has been presented to evaluate the strength, weaknesses, opportunities and threats of the technology, providing a strategic perspective of 5D printing in the industry. Lastly, future prospects for multi-material integration, AI-optimized printing and hybrid manufacturing methods are discussed.