The story revolves around a combat unit formed to fight against the Guardian supercomputer, which went rogue after deciphering the code of a space vessel.

The player controls a starship named the Gauntlet in its mission to destroy the Guardian, a supercomputer that became rogue after deciphering the code of a space vessel.

Its gameplay is similar to its predecessor, Thunder Force IV; players must destroy constantly-moving formations of enemies and dodge their projectiles and incoming obstacles.

[1] As in previous Thunder Force games, the player has a special weapon named the "CRAW" that emits additional firepower and absorbs enemy shots.

[6] The PlayStation version features additional levels, high-resolution artwork, CG rendered movie sequences, and a time attack mode.

[15] Retrospectively in 2007, Rob Fahey of Eurogamer said that while it wasn't nearly as refined or "utterly fantastic" as Einhänder or Radiant Silvergun, Thunder Force V was still a good shooter with well-implemented mechanics.

"[23] In 2010, Hardcore Gaming 101's Paul Brownlee said that Thunder Force V had a great soundtrack and good gameplay, but was slightly hindered by visuals and 3D models that didn't age well.