With the deployment of 5G Internet of Things (IoT) in the power system, the efficiency of smart grid is improved by increasing two-way interactions in different layers in smart grid. However, it introduces more attack interfaces that the traditional information security system in smart grid cannot response in time. The neuroscience-inspired models have shown their effectiveness in solving security and optimization problems in smart grid. How to improve the security mechanism in smart grid while taking into account the optimization of data transmission efficiency using neuroscience-inspired algorithms is the problem to be solved in this study. Therefore, an information security system based on artificial neural network (ANN) and improved multiple protection model is proposed. Based on the ANN algorithm, the link state sample space is used to train the model to obtain the optimal transmission path in 5G power communication network. Integrating the intelligent link state module, the zero-trust security protection platform using case-based learning algorithm is designed and taken as the first protection, the network security logical isolation facility is taken as the second protection, and the forward and backward isolation facilities are set as the third protection to achieve the strengthened security of 5G IoT in smart grid. The experimental results show the efficiency and effectiveness of the proposed algorithms. In addition, the experimental results also show that the proposed system can resist malicious terminal access, terminal hijacking, data tampering and eavesdropping, protocol fuzzy, and denial-of-service attacks, so as to reduce the security risks of 5G IoT in smart grid. Since the proposed system can be easily integrated into the existing smart grid structure in China, the proposed system can provide a reference for the design and implementation of 5G IoT in smart grid.