The shortage of spectrum resources has limited the development of Internet of Things (IoT). Fifth generation (5G) network can flexibly support a variety of devices and services, which makes it possible to combine 5G with IoT. In this paper, a novel multichannel IoT is proposed to dynamically share the spectrum with 5G communication, where an IoT node including transmitter and receiver is designed to perform 5G communication and IoT communication simultaneously. The subchannel sets allocated for 5G communication and IoT communication are defined by two complementary spectrum marker vectors, respectively. Two independent spectrum sequences are generated by calculating the inner products of spectrum marker vectors, presudo-random phases and power scaling vectors. Two time-domain fundamental modulation waveforms generated by the inverse fast Fourier transform of the spectrum sequences are used to modulate 5G data and IoT data, respectively. The receiver can detect the data using the same spectrum marker vectors as the transmitter. The BER performances of the system using binary modulation and cyclic code shift keying modulation in the cases of spectrum marker error and multiple access are analyzed, respectively. A subchannel and power optimization unit is formulated as a joint optimization problem, which seeks to maximize the 5G throughput under the constraints of minimal IoT throughput, maximal power, and maximal interference. An alternative optimization problem is proposed to maximize the IoT throughput while guaranteeing the minimal 5G throughput. A joint optimization algorithm based on Lagrange dual decomposition is proposed to achieve the optimal solution. Simulation results indicate that the proposed IoT can improve the 5G throughput significantly while the IoT throughput is guaranteed.