The Final Fantasy V Original Sound Version, a compilation of almost all of the music in the game, was released by Square Co./NTT Publishing, and subsequently re-released by NTT Publishing after the game was brought to North America as part of the Final Fantasy Anthology.

Uematsu had originally calculated that the game would require more than 100 pieces of music, but managed to reduce the number to 56.

Some reviewers, such as Ben Schweitzer of RPGFan, found it to be of medium quality, saying it "suffer[ed] from occasional compositional problems" and noted that others refer to it as simply "in the middle" of the soundtracks of IV and VI, but was generally positive to the Final Fantasy V's music in his conclusion.

Schweitzer praised the "Main Theme of Final Fantasy V" ("Ahead on Our Way") as "a truly stirring piece of music" and "triumphant, hopeful, and yet almost longing at the same time", but stated that "Uematsu's compositional style hits a sort of early plateau here".

[9] Track list[10] Final Fantasy V Dear Friends is an arranged soundtrack album of Final Fantasy V music containing a selection of musical tracks from the game arranged with live instruments mixed with synth instruments.

[13] Reviewers were of mixed opinion about Final Fantasy V Dear Friends, finding it to be of fair quality, though Jason Strohmaier took issue with some of the synthesized instruments and Freddie W. of RPGFan concluded in his review that the album was "a mixed bag of moods, emotions, and ideas that would only appeal to those who loved Final Fantasy V".

[15] He also enjoyed the artistic license taken with several of the pieces, finding the album to be the most "abstract" of the Piano Collections series.

[16][17] Lyrical versions of "Music Box" and "Dear Friends", sung by Risa Ohki, appeared on Final Fantasy: Pray, a compilation album produced by Square.

[23] The Black Mages performed "Clash on the Big Bridge" at the Extra: Hyper Game Music Event 2007 concert in Tokyo on July 7, 2007.

[25] An arranged version of "Clash on the Big Bridge" appears in the soundtrack of Final Fantasy XII.