Wireless Power Transfer (WPT) is an innovative technology employed for enhancing the energy sustainability of wireless devices with a limited life span. The idea of integrating WPT in wireless communication leads to the idea of Simultaneous Wireless Information and Power Transfer (SWIPT) that transfers information and power to wireless devices simultaneously, thereby resulting in a drastic increase in spectral efficiency of the network. SWIPT aided Cooperative Relaying (CoR) has emerged as a new trend for Fifth Generation (5G) and Beyond 5G (B5G) systems owing to the rapidly increasing challenges faced by these networks. Cooperative relaying combined with SWIPT can be helpful in overcoming the rising demands of next generation wireless networks by providing an enhanced data rate, low latency, shorter coverage, wide spread connectivity of massive number of devices along with energy-efficiency. This article provides a comprehensive review of SWIPT technology that enables the use of CoR networks for 5G and B5G mobile networks including the significance, technologies, and protocols which can be applied. This article also examines the deployment of cooperative SWIPT involving a single relay, multiple relays and optimal relay selection, multi antenna systems and optimal beamforming. SWIPT under the influence of Hardware Impairments (HI), imperfect Channel State Information (CSI), non-linear energy harvesting models, Intelligent Reconfigurable Surface (IRS), massive MIMO, massive access for the Internet of Things (IoT) has been discussed in detail. Meanwhile, this study discusses key challenges being faced in the implementation of SWIPT for future wireless networks that need to be addressed efficiently.