[3] The album's features include Swizz Beatz, Kendrick Lamar, Sosamann, Lil Wayne's daughter Reginae Carter, Snoop Dogg, Nicki Minaj, Ashanti, Mack Maine, Travis Scott, Nivea, and the late XXXTentacion, with bonus tracks and the deluxe edition featuring additional appearances from Post Malone, Gucci Mane, Raekwon, and 2 Chainz.

In November 2012, Lil Wayne announced Tha Carter V would be his final album;[6][7] he previously stated he would retire at the age of 35; he explained that he had four kids and he "would feel selfish still going to the studio when it's such a vital point in their lives".

[10] In July 2014, in an interview with XXL, he spoke about the album, saying: I was feeling the success of Tha Carter I. I felt like people wanted to hear me.

[15] In July 2014, Lil Wayne's frequent collaborator DVLP confirmed he had produced songs for Tha Carter V.[16] While on the red carpet of the 2014 MTV Video Music Awards in California on August 24, West Coast hip hop producer DJ Mustard confirmed to MTV that Lil Wayne will be rapping over one of his beats on the album.

[24] On October 18, 2013, Cash Money Records' Vice President of Promotion Mel Smith, tweeted: "Happy Friday!!

"[25] On February 10, 2014, Lil Wayne's Young Money signee, Canadian recording artist Drake, tweeted "CARTER V".

[28][29] On April 28, 2014, Los Angeles Lakers basketball player Kobe Bryant revealed what some speculated would be Tha Carter V album cover, via online photo-sharing and social networking service Instagram.

[43][44] Upon Sorry for the Wait 2's release, it was noted Wayne disses Birdman and Cash Money Records several times throughout the mixtape.

He spoke in an interview at the time,[49] stating: "Of course you're going to see Tha Carter V. I just don't want to put it out the wrong way.

"[50] On November 10, 2018, Lil Wayne performed two songs, "Can't Be Broken" with surprise guest Halsey and "Uproar" with Swizz Beatz, from the album on Saturday Night Live.

On December 13, 2018, Lil Wayne performed "Don't Cry" on Late Show with Stephen Colbert and paid homage to rapper XXXTentacion.

[52] A.D. Amorosi of Variety gave a very positive review, writing, "Musically, despite the age of some of the songs, V is fresh, flush and even frenetic at times, with the crunch of the Southern trap and ropey rap-rock sounds that Wayne pretty much started in the first place.

Luckily, Weezy made sure to revisit his project with modern sensibilities, imbuing the album with a sense of wisdom he may not possessed upon its initial conception.

As a result, Tha Carter V feels insightful enough to appease those seeking something new from Wayne, while staying familiar enough for the ones who simply missed the flourishment of rap's elder statesman.

"[64] Mosi Reeves from Rolling Stone said, "It's an album full of poignant bars, fire, and passion from an artist who doesn't have anything left to prove", and that "Tha Carter V can't compare to the first three point five Carter installments, or his epochal 2005–2007 mixtape run.

"[61] Thomas Hobbs from Highsnobiety said, “It might not be the best in the Carter series, but it's potentially the most important, paving the way for a new chapter in Weezy's career where more philosophical lyricism should allow him to transition into the role of a rap elder statesman, a lot like JAY-Z did with 4:44.

"[57] Andy Kellman of AllMusic said, "Almost 90 minutes in length, it's pieced together with material recorded from years to weeks ahead of release, and one cut goes back to resemble an early-2000s crossover bid, from its smoothly melodic Mannie Fresh production to its Ashanti hook.

A greater portion forms a sluggish, indistinct mass... For all the excess and buildup, this exhibits Wayne on an upswing, lucid and invigorated.

Jon Sorentino Caramanica from The New York Times said, "Excess bravado was always a part of his proposition, but this album drags and seeps, with long stretches of shrugs in between moments of invention.

"[66] Lil Wayne can still spew bars with dizzying dexterity, but his self-editing isn't great; there are terrific beats (Uproar) and lame ones (Took His Time).

Mona Lisa is a piece of storytelling noir in which Wayne goes head-to-head with Kendrick Lamar, and does not come out lacking.

[59] Tha Carter V debuted at number one on the US Billboard 200 with 480,000 album-equivalent units, including 140,000 pure album sales.

Upon release of the album, Lil Wayne became the first artist to debut 2 songs in the top 5 of the Billboard Hot 100.

After the album's release on September 28, one of its hit singles, "Uproar", had sparked a viral dance challenge shortly after.

Notable celebrities and Internet stars had participated in this challenge, such as Diddy, Swizz Beatz, Shiggy, and Lil Wayne's daughter, Reginae Carter.