The massive connections and the real time control applications have different requirement on delay, energy, rate and reliability of the system. In order to meet the diversified 5G requirements, network slicing technique guarantees on the wide scale applications. In this paper, we have proposed a dynamic resource allocation system with two time scale. The one time scale is used for the resource allocation in the system and the other is used for optimized use of latency and power. Lyapunov drift function is used for the balance between the power consumption and the user satisfaction. Further, Grey Wolf Optimization (GWO) is used for the resource allocation strategy so as to gain the reliability of the system with heterogeneous requirements. The proposed methodology shows the improvement of 27% in user satisfaction and 17.5% in power consumption. The proposed framework can be utilized for the rate as well as latency sensitive applications in 5G.