The current stage of socio-economic development is focused on ensuring prosperity by meeting the goals and intensifying the practices of the 4th generation smart industry. The ways and methods of advancement are being scientifically researched and specified, while at the same time revealing errors and weaknesses in the development so far, which are the potential for continuous increase of prosperity and sustainable production and consumption. From this point of view, the paper analyses and more accurately formulates the effects of smart industry 4.0 on the economy and society in a global sense. In the context of the new industry 5.0 development concept identifies significant progress in automation, robotization and digitization of imaginary processes supporting economic growth with obvious reserves and risks in the social field, as well as in relation to sustainable development and climate strategies, especially in the environmental field. In the article, the authors present the concept of models for intensification and transition from the developed implementation model for Industry 4.0 to the environment and concepts of Industry 5.0. Priorities for the development and innovation of the fourth generation smart industry within the fifth generation concept and possible synergy effects from human-robot-machine-environment cooperation, especially in the social field and in ensuring the well-being of workers in industry, are formulated in more detail.