5G communications system is on the evolution path with present focus on enabling advanced features and new service capabilities. Multicast and Broadcast Services (MBS) are being considered as one of the most promising use cases of 5G. As a late entrant to 3rd Generation Partnership Project (3GPP) 5G standards, MBS work item is presently being developed over existing 5G framework, and is targeted to enhance 5G New Radio and 5G Core Network capabilities for a reliable, low latency, resource efficient, and massive deployment of a wide array of multicast and broadcast services. MBS development entails enhancements for network and user equipment side on architectural, protocol and transmission aspects in order to address a new set of multicast and broadcast service requirements in 5G. In this article, we present an introduction to MBS standardization and outline newly introduced technical features, and their use cases.