Industrial Engineering (IE) has continually evolved to optimize systems and processes, addressing the demands of an ever-changing industrial landscape. From its historical roots in work organization to its current role in Industry 4.0 and the emerging Industry 5.0 paradigm, IE has remained central to fostering innovation, efficiency, and sustainability. Industry 4.0 has revolutionized industrial systems through the integration of Cyber-Physical Systems (CPS), the Industrial Internet of Things (IIoT), and advanced data analytics, enabling real-time decision-making and resource optimization. Building on this foundation, Industry 5.0 shifts the focus to human-centric, ethical, and sustainable practices, leveraging advanced technologies such as cognitive digital twins, collaborative robots, and resilient systems to enhance human-machine collaboration and environmental responsibility. This study explores the evolution of IE, its foundational principles, and its critical role in addressing modern industrial challenges. It highlights strategies for advancing the IE profession and academic programs, ensuring their relevance in the digital era. Additionally, it identifies six future research directions, including Human-AI collaboration, Adaptive and resilient systems design, advanced sustainability models, ethical and inclusive systems design, digital twin integration, and quantum computing, as key enablers for driving innovation and achieving global sustainability goals. By bridging the technological advancements of Industry 4.0 with the human-centric and sustainable objectives of Industry 5.0, IE is positioned to lead the transformation of industrial systems, fostering a resilient, inclusive, and sustainable future.