Industry 5.0 introduces a shift toward human-centric, sustainable, and resilient industrial ecosystems, emphasizing intelligent automation, collaboration, and adaptive operations. Predictive Maintenance (PdM) plays a critical role in this transition, addressing the limitations of traditional maintenance approaches in increasingly complex and data-driven environments. The convergence of Artificial Intelligence and the Industrial Internet of Things, referred to as the Artificial Intelligence of Things (AIoT), enables real-time sensing, learning, and decision-making for advanced fault detection, Remaining Useful Life estimation, and prescriptive maintenance actions. This study provides a systematic and structured review of AIoT-enabled PdM aligned with Industry 5.0 objectives. It presents a unified taxonomy integrating AI models, Industrial Internet of Things (IIoT) infrastructures, and AIoT architectures; reviews AI-driven techniques, sector-specific implementations in manufacturing, transportation, and energy; and analyzes emerging paradigms such as Edge–Cloud collaboration, federated learning, self-supervised learning, and digital twins for autonomous and privacy-preserving maintenance. Furthermore, this paper synthesizes strengths, limitations, and cross-industry challenges, and outlines future research directions centered on explainability, data quality and heterogeneity, resource-constrained intelligence, cybersecurity, and human–AI collaboration. By bridging technological advancements with Industry 5.0 principles, this review contributes a comprehensive foundation for the development of scalable, trustworthy, and next-generation AIoT-based predictive maintenance systems.