Modern agriculture and the food industry have a chance to apply modern technologies related to Industry 4.0. In this context, the review discusses the benefits that the food industry can have from incorporating Internet of Things (IoT) into its production processes and control system. The application of IoT will enable companies to more easily and efficiently achieve the set goals of the organization, produce high-quality and safe food and demand and expectations of consumers. This paper presents the latest knowledge about the potential application of IoT and its importance in the food production and processing sector, primarily in the food industry. In addition, the paper describes some barriers that obstruct the application of IoT in the food processing sector. Finally, the future trends of IoT research and application in this sector are listed. The Internet of Things has the potential to contribute to the improvement of the food industry and the food sector as a whole. This potential refers to: the overall practice of sustainability of the sector, improvement of working conditions, reduction of production costs, more efficient use of raw materials, reduction of energy consumption, reduction of the amount of waste and creation of environmentally friendly products.