5G technology enables end-to-end connectivity in real time at a highly granular level along with the associated end-to-end visibility through the Internet-of-Everything. While some potential benefits of 5G for digital supply chain and operations management have been declared, literature is still silent about theoretical underpinning and structured conceptualisation of application areas, underlying implementation challenges, and the role of 5G in future transformations of value creation. This paper aims to offer some directions of how to close this research gap. We organise the discussion around five major capabilities of the digital supply chain and smart operations which can be enhanced by 5G, i.e. intelligence, visibility, transparency, dynamic networking, and connectivity. We delineate possible future research topics related to 5G in different areas of Industry 4.0-driven, digital supply chain and operations management which can be useful for researchers and practitioners alike when seeking to understand the impact of 5G on both short-term and long-term time scales. Our analysis encompasses both operational processes (e.g. transformations of manufacturing and warehouse operations by end-to-end connectivity of devices) and strategic perspectives (e.g. transformations of business models and supply network structures through end-to-end real-time visibility and connectivity of industry, public infrastructure, and consumers). Finally, cost-benefits trade-offs are discussed.