The game was released by Ubisoft in Europe on May 19, and then in the United States and Canada on May 23, 2006, with the publisher guiding Russian studio Nival Interactive in its development.

Following the closure of The 3DO Company, Ubisoft bought the rights to the Might and Magic franchise, and used Heroes V as a means to reboot the series with a brand-new setting, called Ashan, and no continuity to previous titles.

Like the other games in the series, players take control of "heroes" (leaders with magical abilities) who provide their services for a faction, recruiting an army from settlement strongholds, such as castles, out of various forces (humanoid, undead, monsters, and so forth) and then doing battle against roaming armies, enemy heroes and rival factions.

The game features a campaign series that covers six factions from Ashan, along with stand-alone and multiplayer scenarios.

Unlike the preceding games in the series, which used 2D computer graphics but with some isometric touches, Heroes V was the first to be completely 3D.

In August 2003, Ubisoft acquired the rights to the Might and Magic franchise for USD$1.3 million[4] after 3DO filed for Chapter 11 bankruptcy.

Tribes of the East includes the new Stronghold faction, alternate upgrades for all units currently in the game (bringing the total number of creatures to 177), as well as new artifacts and spells.