The world of telecommunication is witnessing a swift metamorphosis towards fifth generation cellular networks. Particularly, the rapid shift from a user centric to a device centric communication has created a tremendous impact on service complexity and network requirements. The future networks present requisite needs in ubiquitous throughput, low latency, and high reliability. They are also envisioned to provide energy efficiency, spectrum reuse, network scalability, and robustness as well as improved quality of user experience, which proves to be of ultimate importance. Accordingly, government, academic, and industrial institutions are working together to fulfill these challenging goals. Their research efforts have been extensively reported in various topics and directions, such as heterogeneous small cell networks, millimeter wave communication, massive multiple input multiple output, network function virtualization, software‐defined network, and device‐to‐device communication. More interestingly, a revolutionary network architecture based on cloud computing and centralized processing is adopted as one of the best candidates for fifth generation. It is denoted Cloud Radio Access Network (CRAN) and (H‐CRAN) in heterogeneous networks. An upgraded version, namely, Fog RAN (F‐RAN), with caching and fog computing capabilities is also presented. Environmental friendly, it ensures flexibility and scalability with reduced expenditures. This paper presents the aforementioned key technological functionalities and surveys the benefits and challenges of CRAN, H‐CRAN, and F‐RAN.