Nikon F5 was placed on the market October 1996 with the catchword of " The new standard in professional photography", at 325,000 yen (consumption tax excluded) for the body. It was the flagship single-lens reflex (SLR) camera marking the fifth of the "single-digit F-series models" developed since the Nikon F was launched in 1959 based on the basic philosophy, to offer more improved systems and basic functions, in addition to a camera robust enough for professional use. It had been eight years after the release of the predecessor Nikon F4 in 1988.
The high-end SLR cameras Nikon F, F2, F3 and F4 known as "single-digit F-series models" were developed based on the basic concept of offering mechanisms and technologies already adopted and proven in consumer cameras in a more sophisticated manner. However, the F5 was developed placing emphasis on professional use as the primary aim, in order to provide a flagship camera for the 21st century. Therefore, the F5 was designed to be a "new dimension" camera with highly flexible specifications by actively incorporating a variety of technological innovations with the capabilities required by professionals to achieve sophisticated image expressions.
The development of the F5 progressed under the slogan of "What to do with a camera to speed every operation as a tool to take photos", keeping in mind the performance of the then-current competitors' models. The slogan is the basic concept of F5 leading to the subsequent keyword of "Speed." The F5 development project was started with the introduction of the F4 to the market, but the element technology survey and development based on the concept started around 1992. In 1993, about one year after the start of survey and development, drawings were drafted and individual elements were trial-manufactured. Three additional years were required to bring the camera nearer to actualization, and the camera was successfully placed on the market in 1996.

As seen in the illustration, when pendulum P swings down from position A to position A' to strike pendulum P', pendulum P instantly stops at A' while pendulum P' swings up from B to B'. A newly developed impact-absorbing balancer based on the principle of the pendulum swing was adopted in the main mirror for F5. The mirror, swinging down after the shutter release button is pressed, is caught by the balancer which has nearly the same inertial mass as the mirror; the balancer absorbs the impact resulting from the swing-down action and causes the mirror to stop consistently. After absorbing the impact, the balancer is set to stop with the aid of a special brake mechanism independently from the mirror. In addition, the sub-mirror is also equipped with a mechanism that minimizes the shock that may occur during the mirror-down action. These mechanisms help suppress possible vibration while the shutter release button is being pressed, ensuring silent operation and reducing image extinction time, thereby contributing to the precision of the AF control. These innovative Nikon technologies also help to achieve consistently well-balanced viewfinder images despite the high-speed film advance of up to 8 fps (frames per second).

The primary reliability factor for professional-use cameras is precise actuation of the shutter. The F5 incorporated the newly developed "monitoring function integrated shutter." The optical sensor for the monitoring function checks the shutter each time the shutter release button is pressed, and automatically corrects any blurring, if detected. In addition, it locks the shutter release when detecting any unusual condition, and causes the external warning LED indicator to blink and the upper display panel to display the blinking "ERR" message. Furthermore, the shutter unit is designed to be durable enough to withstand as much as 150,000 cycles of operation owing to the shutter blade constructed with a combination of high-elasticity carbon fiber composite and aluminum materials to ensure higher mechanical strength without any increase in weight. The rear curtain is kept closed on standby until the time when the shutter release button is pressed, ensuring double shading with the leading curtain to prevent possible light leak during mirror-up.

The predecessor F4 inherited the traditional dial and lever operation. However, the F5 using "Speed" as a keyword adopted the rotating dials and pad-like selectors to achieve higher operating speed, such as the focus area selector on the back of body and the command dials for setting the aperture and shutter speed.
The elegant design by Mr. Giorgetto Giugiaro makes it easy to hold the grip on the body without a feeling of heaviness, due to the convenient size and use of anti-slip material; the buttons and levers operate smoothly with a touch of the fingers, visibility and operability are improved due to larger display panels and command dials, and drip- and dust-proof provisions against rough weather conditions by sealing with O-rings and packing. In addition, the metallic body armored with die-cast aluminum at the top and bottom and at the front and back, and the titanium viewfinder cover contributes to maximize the reliability and robustness.
Furthermore, four options of the interchangeable viewfinder (Multi-Meter Finder DP-30 ‹standard equipped›, AE Action Finder DA-30, Waist-Level Finder DW-30, High-Magnification Finder DW-31), and 13 options of the interchangeable focusing screen were inherited. This high interchangeability ennobles F5 as a systematic camera.
As proof of the high quality of the camera, a three-year warranty was applied for the F5.

The year 1996, when the release of F5 was announced in June, was the year of the Olympic Games in Atlanta, U.S. In August, when the opening ceremony of the Olympic Games was held, the final pre-production model F5 was supplied to Atlanta for demonstration. The F5 was well received there for the highly durable design of the metallic body, the capability of the AF to follow rapidly moving subjects, the crisp shutter releasing action and other features, which demonstrated to the target users that the design philosophy was right. With a number of the then most up-to-date capabilities, F5 caused the renewal of equipment and materials of news photographers both at home in Japan and abroad, when it appeared on the market.
Although the F5, developed for professional use, drew comments from some advanced amateurs that it was heavy and/or too large. But it was highly regarded on the whole as a high-performance camera for being easy to grip and causing no feeling of heavy weight, and for ease of operation. However, following the introduction of digital SLR camera D1 to the market in 1999, half of the cameras in the Sydney Olympic Games in 2000 were digital, and almost all the cameras in the Athens Olympic Games in 2004 shifted to digital. The F5 then lost ground to the digital cameras on the rise in the camera market.

As with a succession of single-digit F-series models, the F5 was also adopted in the space shuttle programs and carried into space by the NASA space shuttles including Discovery, and was in service as of 2005 as an official extravehicular activity (EVA) recording equipment. The F5 filled the exacting requirements of NASA only with the exception of a change in lubricants, which demonstrates that F5 had nearly reached perfection and ultimate durability. In addition, the body was supplied outside the company, and Eastman Kodak adopted it as the body for their digital cameras.