He was the elder of the two sons of Count John I of Holstein-Kiel and Elizabeth of Saxe-Wittenberg.

Gerhard I received Holstein-Itzehoe; Adolph V and John II then divided their share between themselves, with Adolph V receiving the river Elbe and Great Lake Plön and extensive estates along the Lower Elbe north-west of Hamburg.

Since he had no male heir, Holstein-Segeberg fell to his nephew Adolph VII, the son of John II.

When John II died in 1316, Holstein-Segeberg was divided between the two remaining Count of Holstein: Gerhard III of Holstein-Rendsburg and Adolph VII of Holstein-Pinneberg and Schaumburg.

Adolph V was married to Euphemia (d. after 1316), a daughter of Duke Bogislaw IV of Pomerania-Wolgast.