[4] It received a positive reception for its visuals and speedy driving experience, but there was critique that it fell below expectations relative to the console's graphical assumptions, and divided critics for some elements such as its lack of content compared to its predecessor and noticeable jaggies.

As with previous Ridge Racer games, the focus is on accessible and fun drift racing rather than simulating how a car behaves in the real world; as such the player is encouraged to powerslide around most corners by tapping the brake when entering the turn.

The primary mode is Grand Prix, a series of structured championships where the player races against 14 rivals across three laps in every track, including reversed courses.

A special race is unlocked after the player fulfills certain requirements: it features the arcade game characters Pac-Man in a roadster and Blinky, Pinky, Inky and Clyde on scooters.

[9] The game features a fictitious radio station, Ridge City FM (frequency 76.5 MHz), providing music and commentary.

The member in charge has cited the 1959 film Jazz on a Summer's Day as a sort of inspiration for the in-game starting camera, as well as the direction that would lead to the fictional Ridge City FM.

[18] The opening intro movie, featuring Ai Fukami, is generated in real-time rather than the pre-rendered FMV in previous Ridge Racer titles.

[20] The game's lead programmer commented that the team wanted to utilise anti-aliasing "but due to various contraints we weren't able to do it as we had hoped."

He further stated that designing the game was a challenge, partly due to Sony's development tools not having been completed while Ridge Racer V was in production.

To create an "exciting new experience", he brought in Japanese electronic music duo Boom Boom Satellites, Takeshi Ueda of The Mad Capsule Markets, and German DJ Mijk van Dijk, along with Namco composers Nobuyoshi Sano ("sanodg"), Yuu Miyake ("U") and Yoshinori Kawamoto ("Kisaburo"), to contribute music to the game.

[52] Jeff Lundrigan of NextGen, however, said that his quote "bears repeating: 'Like its predecessors, Ridge Racer V will amaze you with flashy graphics and a great sense of speed.

[42][55] Daniel Griffiths from Official UK PlayStation 2 Magazine praised "superb handling" and "fantastic sense of speed", giving technical critique about the jaggies and the "bad" PAL conversion, concluding that it is "a great game that is let down by overly high expectations [..] this is still the best handling, best-looking console driving game so far (until GT3 and Wipeout Fusion get it together)".

[11] In a 2002 article about the PlayStation 2, Edge used Ridge Racer V and Tekken Tag Tournament as examples of "soulless and derivative" launch games that were not as innovative as was expected out of the system's Emotion Engine.

According to Australian Station in 2000, "hordes of Reiko Nagase fans were up in arms over the decision to replace her, and even casual gamers have been heard to comment they 'liked the old one better'".

[58] New Zealand Station told how "Ridge Racer fans across the globe were in an uproar once news of this change came to light, with Reiko Vs Ai polls featuring prominently in many fansites on the internet".

[60] In another poll that same year, IGN's "readers overwhelmingly agreed that Reiko Nagase is the true Ridge Racer babe".

[61] Video game journalists also joined in, such as when Hyper rhetorically asked "how long it will be before they realise that the new Ridge Racer girl sucks, and bring back Reiko.

[63] In a 2006 article discussing the "legend of Reiko Nagase", 1UP.com's James Mielke wrote she "is almost as popular as the games she graces" as after Ridge Racer V "the fans welcomed their favorite race queen back with open arms.