The development of any industry cannot be done without social expectations. The industrial metaverse arises from customers' emphasis on their value, their desire for immersive experiences, and their vision for untrammeled economic transactions. This paper first introduces the definition, propositions, and metrics of the industrial metaverse towards Industry 5.0. Then, based on the understanding of physical space, cyber space, and social space, this paper proposes a five-layer framework for the industrial metaverse, which covers the perception layer, networking layer, fusion layer, interaction layer, and configuration layer. Subsequently, this paper further analyzes the key enablers and potential application scenarios of the industrial metaverse towards Industry 5.0. The technical challenges at different levels and social barriers from different perspectives are discussed. Finally, this paper highlights future research directions for the industrial metaverse towards Industry 5.0. It is expected that this framework study will provide researchers with an overview of the industrial metaverse and a deeper understanding of its development potential and obstacles.