Device to Device communication is an important aspect of the fifth-generation(5G) and beyond fifth-generation (B5G) wireless networks. 5G facilitates network connectivity among a large number of devices. This tremendous growth in the number of devices requires a large number of spectrum resources to support a variety of applications and also lays a huge burden on the Base Station. D2D skips the need to forward the data to the Base Station and helps the devices to take part in direct Peer-to-Peer (P2P) transmission. This enables high-speed data transmission, efficient information transmission with improved latency and most importantly is used to offload the traffic that is laid on the Base Station. D2D has many practical issues and challenges that are briefly explained in this paper, out of which resource allocation is the main area of focus as it plays an important role in the performance of the system. The optimal allocation of resources such as power, time and spectrum can improve the system performance. Therefore, in order to identify the open research issues in the field of resource allocation in D2D communication, a detailed survey is needed. In this paper, various resource allocation algorithms and methodologies have been seriously analysed and evaluated based on the degree of involvement of the Base Station to figure out the research gap and to provide a strong theoretical basis for the research problems related to resource allocation in D2D communication. © 2020, Springer Science+Business Media, LLC, part of Springer Nature.