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Now That's What I Call Music! 5 is the fifth edition of the Now! series released in the United States. It was released on November 14, 2000, peaked at number two on the Billboard 200 and certified 4× Platinum by the RIAA, to date the only non-Christmas album in the U.S. series to achieve that status.
AllMusic's Stephen Thomas Erlewine declares Now! 5 is "a Polaroid of the summer of 2000" and while pop music in general paled in comparison to the pop successes of the previous year, this volume "proves that it was a pretty good year after all." He calls "Aaron's Party (Come and Get It)" an embarrassing inclusion but maintains Now! 5 is "one of the better volumes in the American series."
Jim Farber for Entertainment Weekly has a different take, saying "Now That's What I Call Music! 5...compiles the crummiest singles crowding the airwaves" in 2000, making the pop music of the time "seem even drearier than it actually is."