State Highway 5 serves as a northeast–southwest route between Gaylord, Norwood Young America, Chanhassen, Eden Prairie, Bloomington, Richfield, downtown Saint Paul, and Maplewood.

There has been discussion of creating a bus rapid transit or light rail line along the highway, much like the METRO Blue Line currently runs rails into downtown Minneapolis along State Highway 55.

Legally, State Highway 5 is defined as legislative routes 45, 52, 102, 109, 111, and 121 in the Minnesota Statutes.

When Highway 5 was slated for expansion in 1956, the construction threatened to demolish the remains of historic Fort Snelling, near the confluence of the Mississippi and Minnesota rivers.

This effort led to archaeological research into the remains of Fort Snelling and its eventual rebuilding as a state park.

[4] In May 2023, a 7-mile (11 km) section of Highway 5 in the vicinity of Chanhassen was designated the Prince Rogers Nelson Memorial Highway in honor of musician Prince, whose Paisley Park Studios are located along the route.