It was the final Magical Drop entry until Magical Drop VI (2023).

In 2020, the game was delisted for purchase from Steam. Versions for Xbox Live Arcade and PlayStation Network were announced, but ultimately never materialized. Magical Drop V garnered generally unfavorable reception from reviewers Some felt divided regarding the audio and inclusion of elements from Ghostlop, while criticism was geared towards the numerous technical issues, lack of series-staple features and mechanics, poor English translation, and weak visual presentation.

Two or more players can participate in local and online multiplayer modes. Characters and mechanics from the cancelled Data East game Ghostlop (1996) are also introduced. The objective is to clear the screen of constantly advancing colored 'drops' via a character placed at the bottom of the playfield, which can grab drops and make them disappear by putting them as a column of three or more drops of the same color. In the game, the player takes control of one of several characters, battling against computer-controlled opponents. It is the sixth entry in the Magical Drop series, preceding Magical Drop Touch (2009) for iOS and Android platforms. Magical Drop V is a 2012 puzzle video game developed by Golgoth Studio and published by UTV Ignition Entertainment for Microsoft Windows.

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