He was the eldest son of Duke Bolko IV of Opole by his wife Margareta, possibly member of the House of Görz.
At a young age, Bolko V was sent to the University of Prague, where he learned of the social and religious views of Jan Hus.
1410) by his wife Elisabeth of Pilica, who had recently become Queen of Poland after her marriage to King Władysław II Jagiełło.
The wedding with the King's stepdaughter brought to the Dukes of Opole the immense wealth of the Pilica family and the alliance with the royal court at Wawel Castle.
One aim of the duke was the policy of a gradual Germanization of Silesia, and the national teachings of Jan Hus fit in with this purpose.
In 1429 with the Hussites involved on other fronts, Bolko V acquired for himself the neighboring Duchy of Nysa, which belonged to the Bishopric of Wrocław.
Prior to that, in 1450 Bolko V's uncle Bernard, lacking male descendants, decided to give most of his estate to him, including the Duchies of Strzelce and Niemodlin.