Since last decades world, predominantly urban areas, is experiencing huge voluminous road traffic growth, resulting in heavy congestion, air pollution, accidents, and poor efficiency. Many people every day are the victims of this poor management of tremendous traffic. Since many years, there had been some automation in managing the traffic namely Electronic Toll Collection (ETC), Electronic parking payment, normal traffic information etc. However, there are little efforts for making the system more advanced. Recently, several kinds of research are being launched by many countries to develop Intelligent Transport System (ITS), with the objectives to minimize congestion, ensure better safety, reduce air pollution etc. ITS are planned to establish robust communication between vehicle to vehicle (V2V), vehicle to pedestrian (V2P), vehicle to infrastructure (V2I), and vehicle to network (V2N). Initially, for communication links ITS, deploys Wi-Fi network, but because of limited capacity and huge requirement, some links use 5.8 GHz radio frequency for such purposes. IEEE, International Telecommunications Union (ITU) and other advanced research organisations are studying 700 MHz band and mm frequency bands for advanced ITS. ITS is poised to use Information & Communication Technology (ICT) networks for such purposes. ITU has established Study Groups/study questions for addressing ITS issues. The World Radio Conference (WRC-2019) has made a Recommendation 208 regarding harmonization of frequency bands for ITS applications. This paper presents a comprehensive overview of ITS, its applications and analysis etc. The radio frequency spectrum aspects and role of 5 G in ITS are also described in detail.