A Heroes of Might and Magic V (gyakran HOMM 5 vagy Heroes 5), a sorozat legújabb darabja, mely először 2006. május 16-án jelent meg Oroszországban és az Egyesült Királyságban. A játék design-ját teljesen lecserélték 3D-re, azonban visszatértek a harmadik rész játékmenetéhez. A főbb játékelemek a következők: városfejlesztés, hősök és lények felfogadása és fejlesztése, nyersanyaggyűjtés, mágia. A játékelemekről a későbbiekben részletesen szó lesz.
A játékban hat úgynevezett hadjáratsorozat található, minden fajhoz egy. Ezek lineárisan követik egymást, és csak sorban (csalás nélkül!), egymás után lehet teljesíteni őket. A következő rész fordításra szorul még:
Menedék hadjárat (Haven)
An unexpected demon invasion interrupts the wedding of King Nicolai of the Griffin Empire and Lady Isabel, and soon the forces of the Griffin Empire are at war with the demons of Sheogh. With Nicolai at the front, Isabel is sent, along with her the abbess Beatrice, to the Summer Palace, where they are guarded by Godric, the King's uncle. After much persuasion, Isabel persuades Godric to let her take part in the war rather than wait. Godric is to go to the Silver Cities to seek help from Archmage Cyrus, while Beatrice will go to Irollan to get help from Elven King Alaron. Eventually, Isabel raises an army, but when Beatrice returns to lead her to meet the Elven reinforcements, Beatrice reveals that she is Biara; a succubus, and assistant to a demon lord, Agrael. She obviously hasn't visited King Alaron at all, and the meeting was a trap by Agrael, who captures Isabel, though treating her much better than you would expect of a demon. Isabel escapes Agrael with Godric's help (Godric failed to enlist aid from Cyrus, but returns himself), but they are too late to prevent Agrael from killing Nicolai, who, with his dying breath, proclaims Isabel to be Queen in his stead.
Infernó hadjárat (Inferno)
Although Nicolai is dead, Agrael has failed in his mission of capturing Isabel, and attempts to flee the wrath of Kha-Beleth, the Demon Sovereign. Intending to overthrow Kha-Beleth, he decides to capture the Heart of the Griffin, which Nicolai had used in their battle. When he reaches the mausoleum, he is met by a mysterious Elven apparition, Tieru, who reveals that the Demon Sovereign is attempting to summon an apocalyptic Demon Messiah. He instructs Agrael to meet him in the Dragonmist Islands, which can only be reached through the Elven land of Irollan. After a long march and battles with the Elves, Agrael meets Tieru, who tells him about the War of the Eclipse, where Kha-Beleth was banished, as well as the Demon Messiah's links to Isabel. Agrael admits that he questioned Kha-Beleth's plans because he has fallen for Isabel, and Tieru tells him that he must be purified of demonic corruption with the Rite of True Nature. Agrael agrees, and during the ritual, Biara attempts to steal the Heart, only to be sent back to Sheogh.
Nekropolisz hadjárat (Necropolis)
Meanwhile, in the Griffin Empire, Isabel's position as Queen is challenged by Archbishop Randall and other local lords, who begin a civil war. A mysterious necromancer, Markal, assists Isabel in her fight against the rebels. Markal reveals himself to be the former advisor to Nicolai's mother, Queen Fiona, and offers to help Isabel revive her dead husband with the Vampire's Garment. Although Isabel trusts him and helps him to gather its pieces, Godric is less gullible, warning Isabel that Markal had been banished years ago for his necromancy and treachery. Isabel ignores him, and as she and Markal gather the artifacts, she destroys former alliances with the Elves and the Wizards, whose leader, Cyrus, is killed by Markal for one of the artifacts. When Godric can take it no more, he keeps the last artifact and barricades himself in the Wizard city of Hikm. Markal retaliates by kidnapping his daughter as blackmail, and later defeats Godric, who is imprisoned. Isabel and Markal then begin their march to the Hall of Heroes.
Kazamata hadjárat (Dungeon)
In the Dark Elven nation of Ygg-Chall, Clan Shadowbrand is holding a tournament to choose their new leader. An unknown warlock, Raelag, participates and wins, becoming the Clanlord, and now seeks to unite the clans into a single state. With the help of another warlock, Shadya, he assimilates the other clans, except Clan Soulscar, who is discovered to be in alliance with the demons. Raelag then discovers that the Demon Sovereign has sent a demon lord, Veyer, to capture Queen Isabel. Arriving at the outskirts of Sheogh, Raelag routs Veyer and asks Isabel to follow him to Tieru, where she can be purged of the Sovereign's influence. Markal, however, convinces her otherwise and they continue on to the Hall of Heroes.
Erdőlakók hadjárata (Sylvan)
When Nicolai is resurrected, Isabel realises to her horror that the spell has damned his soul, leaving him as a vampire. Stunned by this revelation, she breaks down and Markal seizes the chance to declare himself ruler of the Griffin Empire.
When the Elven king, Alaron, takes in Griffin refugees, Markal's forces begin to raid Irollan, and the diplomat Findan is sent to stop the raids. He is later tasked to find the Emerald Dragons to turn the tide on the Undead, but returns to find Syris Thalla, the capital, besieged. Alaron dies in the siege, but tells Findan to seek Tieru. After defending the capital, Findan travels to the Dragonmist Islands, but is too late to stop Biara from killing Tieru, although the latter's spirit tells Findan about the Kha-Beleth's plan; the Demon Sovereign has placed a mark on Isabel so that she will bear the Demon Messiah. He also instructs Findan to get a scroll back from Biara, which, if used by a powerful mage, will be able to stop Kha-Beleth. The only such mage would be Zehir, the son of Cyrus.
After pursuing Biara and getting the scroll back, Findan returns to Irollan, where the Elves are now on the verge of victory, but now face a terrible foe in Nicolai, who is now a Vampire Lord. With the help of Phoenixes or by destroying all the Spectral Dragons, Findan 'brings the dawn', and puts Nicolai to rest. He then sets off to find Zehir.
Akadémia hadjárat (Academy)
With the Silver Cities shattered by Markal's invasion, the new Archmage Zehir seeks to liberate the Wizard nation from the grip of the necromancers and avenge his father, Cyrus. Swiftly, he rallies his troops and retakes the Silver Cities, before forging an alliance with Findan and Godric (whom they release). The trio manage to defeat Markal, and burn his body to ensure he cannot return as a lich. Determined to rid Isabel of demonic influence, they ally themselves with Raelag and Shadya and successfully get to Isabel, preparing to do the Rite of True Nature.
However, Shadya then reveals herself to be Biara in disguise, and seizes Isabel before fleeing to Sheogh, where the Demon Sovereign waits. The heroes travel there as well, and in an epic battle, they defeat the Demon Sovereign, who escapes with Biara. With Isabel free, they then return to their respective countries.
As Godric and Isabel survey the damage in their homeland, Isabel's eyes light red. It appears the demons are not quite defeated yet...