The rapid growth of 5G networks has increased the need for effective resource management, especially in multi-operator environments, where the spectrum is shared between mobile network operators (MNOs) and mobile virtual network operators (MVNOs). This study focuses on the challenge of dynamic spectrum management in 5G New Radio (NR) networks, emphasizing network slicing and frequency reallocation to ensure slice isolation and revenue maximization. Unlike static allocation methods that fail to adapt to real-time traffic fluctuations, our proposed framework dynamically divides the spectrum between MNO and MVNO slices. It uses a resource queuing model that accounts for random user distributions and session arrivals, integrating spatial randomness and temporal variability. This allows for the precise quantification of slice performance in dynamic resource sharing. A frequency reallocation algorithm adjusts spectrum partitions in real-time, prioritizing proximity-based bitrate enhancements, while guaranteeing minimum bitrates for all users. The framework incorporates revenue-driven optimization, balancing the MNO’s income from spectrum leasing, while ensuring slice isolation. The numerical results show that the pricing ratio provides a tunable parameter for operators to prioritize either user capacity or leasing income based on market conditions. The highest average revenue for MNO is achieved by prioritizing its own users, while increasing the resource reallocation signal rate boosts average revenue by 3–3.7% and reduces average user device losses, maintaining strict isolation. However, real-world adoption faces challenges, including computational complexity from large state-space growth, and signaling overhead increasing energy consumption. Additionally, unresolved technical hurdles, such as interoperability between multi-vendor equipment, and standardization gaps in spectrum sharing protocols hinder network slicing deployment. This study bridges the gap between technical and economic goals, offering a scalable solution for 5G and beyond. © 2013 IEEE.