Internet of Things (IoT) is the utmost assuring framework to facilitate human life with quality and comfort. IoT has contributed significantly to numerous application areas. The stormy expansion of smart devices and their credence for data transfer using wireless mechanics boost their susceptibility to cyberattacks. Consequently, the cybercrime rate is increasing day by day. Hence, the study of IoT security threats and possible corrective measures can benefit researchers in identifying appropriate solutions to deal with various challenges in cybercrime investigation. IoT forensics plays a vital role in cybercrime investigations. This review paper presents an overview of the IoT framework consisting of IoT architecture, protocols, and technologies. Various security issues at each layer and corrective measures are also discussed in detail. This paper also presents the role of IoT forensics in cybercrime investigation in various domains like smart homes, smart cities, automated vehicles, and healthcare. The role of advanced technologies like artificial intelligence, machine learning, cloud computing, edge computing, fog computing, and blockchain technology in cybercrime investigation is also discussed. Lastly, various open research challenges in IoT to assist cybercrime investigation are explained to provide a new direction for further research.