The increasing number of mobile users has given impetus to the demand for high data rate proximity services. The fifth-generation (5G) wireless systems promise to improve the existing technology according to the future demands and provide a road map for reliable and resource-efficient solutions. Device-to-device (D2D) communication has been envisioned as an allied technology of 5G wireless systems for providing services that include live data and video sharing. A D2D communication technique opens new horizons of device-centric communications, i.e., exploiting direct D2D links instead of relying solely on cellular links. Offloading traffic from traditional network-centric entities to D2D network enables low computational complexity at the base station besides increasing the network capacity. However, there are several challenges associated with D2D communication. In this paper, we present a survey of the existing methodologies related to aspects such as interference management, network discovery, proximity services, and network security in D2D networks. We conclude by introducing new dimensions with regard to D2D communication and delineate aspects that require further research.