The original Air Jordan V was released in February 1990, again designed by Hatfield. Some elements were the same from the Air Jordan IV, but the Air Jordan V's most distinctive feature is arguably its reflective tongue. There was also another innovation: clear rubber soles. The soles gave the shoe a whole new and unique look, but it yellowed over time when exposed to moisture. To combat this problem, collectors stored the shoes in a cool, dry place with a desiccant at the soles, most commonly silica.

The Air Jordan V also featured a base top with lace locks, making strapping on the shoe easy. The lacelock feature partly inspired the Air Jordan Spiz'ike. The Air Jordan V model is considered to have the best structure and design to wear during basketball games and sold the most pairs of shoes from the Air Jordan line.

Hatfield is believed to have drawn inspiration for the Air Jordan V from the World War II Mustang fighter plane; which is most notably visible in the shark teeth shapes on the midsole. The Air Jordan V was retroed in 2000 to great demand, including a new colorway featuring Michael Jordan's high school (Laney High) colors. In 2006 several re-retro V's had released including the very popular LS "Grape" V's, the LS "burgundy" V's, the popular "Fire-Red" V's, the "Green Bean" V's, and "Stealth Blue"[5] V's. Along with the latter, a very limited laser design and the black/metallic/fire red[6] colorways were released in early 2007.

In the month of May 2009, Air Jordan confirmed the release of an "DMP II" consisting of two Air Jordan V's. In March, there has been recent picture leaks of this product, which is also referred as "The Raging Bull" Package. The most of the leaked pictures are of the first Jordan V color way which consist of a composition of buttery varsity red suede on the upper. Paired alongside the eye-catching color is black on the midsole, lace area, tongue and a crystal-clean sole and the classic 3M material tongue.The second color way features a 3M material base with black laces and midsole.