He was the son of John VI of Werle and Agnes, the daughter of Nicholas IV of Werle-Goldberg.
After 1397 he married Sophie (died: before 21 August 1408), the daughter of Duke Bogislaw VI of Pomerania-Wolgast.
She was the widow of the Duke Eric I of Mecklenburg-Schwerin.
Nicholas V died in 1408 and was buried in the Doberan Minster.
His daughter Judith (nicknamed Jutta) was married to Henry, Duke of Mecklenburg-Stargard.