Communications industry will see dramatic changes with the arrival of 5G. 5G is not only about high capacity and ultra-low latency, but also about accommodating Verticals, providing newer flexibility in business development and agility. Network slicing has become an enabler for on-demand accommodation of such Verticals in a mobile network. To support such new features, 3GPP is continuing standardization of a 5G system with all necessary requirements in mind. This paper provides a detailed view of the standards and the technologies that'll make 5G a reality. Specifically, this paper focuses on the new 5G Radio Access Network (RAN), network slicing enabled new 5G Core (5GC) Network, and new management system capable of handling network slicing related management aspect of a mobile network.