The technology-driven Industry 4.0 paradigm is in a prosperous stage. Meanwhile, the industry is shifting towards a more human-centric, sustainable, and resilient paradigm, which is envisioned as a value-oriented Industry 5.0. Embodied Artificial Intelligence (AI) has shown promising benefits, but challenges persist in the proper orchestration between AI and human beings. Human-Centric Artificial Intelligence (HCAI) emphasizes that AI systems should enhance and complement human abilities rather than replace humans. It focuses on the interaction between humans and AI, aims to improve human well-being, and ensures that AI technologies are consistent with human values and needs. HCAI prioritizes user experience and ethical considerations by following three principles: being inspired by human intelligence, guided by human impact, and augmenting human capabilities. This paper examines the growing trend of deep integration between AI and human intelligence in industries, emphasizing that AI development necessitates the interdependence of technology, people, and ethics to create reliable, safe, and trustworthy systems. This paper conducts a detailed analysis of the evolution stages and modes of human-AI collaboration in industry. Based on an in-depth examination of enablers of HCAI models in industry, this paper examines HCAI applications for the product lifecycle management. Social barriers, technology challenges, and future research directions of HCAI are underscored, respectively. We believe that our effort lays a foundation for unlocking the power of HCAI during the transition from Industry 4.0 to Industry 5.0.