The industrial evolution has emerged the concept of Industry 5.0 paradigm. The concept of Industry 5.0 emphasizes three main aspects of industrial development, i.e. sustainability, resilience, and human centric. The emerging tech-nologies related to digitalisation and artificial intelligence are expected to augment human-system-interaction in various industrial processes. Integrating AI and digital technologies to enable human-centric solutions in industry can manifest in a concept called “Industrial Metaverse”. The Industrial Metaverse is considered a concept that emerged from integrating the Metaverse and Digital Twin, but adapted to specific characteristics of industrial contexts. Industrial Metaverse can enhance Asset Management (AM) within the Industry 5.0 framework. By integrating AI and advanced digital technologies, the Metaverse offers a promising roadmap for optimising human-system interaction in industrial contexts. Metaverse is expected to enhance human centricity of Industry 5.0 and developing metaverse in industrial contexts is challenging and requires a framework. Hence, this paper provides a framework that helps to develop Industrial Metaverse in the context of AM specifically in maintenance. This paper employs literature review in popular databases and discussions with industrial stakeholders to present the current landscape of Metaverse application in Industry 5.0 with a specific focus on maintenance. A case study from the railway sector demonstrates the practical benefits of the Metaverse in improving operational efficiency and maintenance processes. The findings contribute to understanding the Metaverse’s role in shaping the future of industrial asset management and maintenance within Industry 5.0.