The Internet of Things (IoT) is paving the way to becoming necessary in numerous aspects of people’s lives. IoT is becoming integrated in many domains, such as medical, industrial, and personal. Recent years have witnessed the creation of many IoT technologies that differ not only in their applications and use cases but also in standards. The absence of universally accepted standards and the variety of technologies are only some challenges the IoT market faces. Other challenges include the constrained nature of most IoT devices, the diverse identification schemes, the inadequate security mechanisms, and the lack of interoperability between different technologies. The Domain Name System (DNS) persisted throughout the years as the Internet’s naming service and accumulated more trust from users with the introduction of its security extensions. DNS could be utilized to address some of the challenges the IoT market faces. However, using DNS for IoT applications might jeopardize DNS infrastructure. In this survey, we study the coexistence of DNS and IoT. We define IoT, present its architecture and discuss its main challenges. We then introduce DNS and its function; we discuss its security and privacy drawbacks and the extensions standardized to address them. We further discuss the uses of DNS in IoT environments to address some of IoT’s challenges and the impact these uses might have on DNS.