This paper presents a comprehensive investigation into the architecture and components of 5G networks, focusing on their suitability for smart grid applications. With the increasing complexity and demands of modern energy infrastructure, there is a growing need for reliable and low-latency communication systems to support critical smart grid operations. This paper explores key features of 5G networks, including network slicing, massive MIMO (Multiple Input Multiple Output), and low-latency communication protocols like URLLC (Ultra-Reliable Low Latency Communication), and examines how these features can be harnessed to address the unique requirements of smart grid environments. Through a detailed analysis of each component, this paper sheds light on the design considerations, deployment strategies, and performance implications of leveraging 5G technology for smart grid communication. Furthermore, practical insights, challenges, and future research areas are discussed to guide the development of next-generation smart grid solutions.