Dragon Quest V was the first game in the series where certain monsters from random encounters may join the player's party. This concept was an inspiration for the Pokémon video game series and Dragon Quest Monsters series. Lead designer Yuji Horii says that fans reacted so well to Dragon Quest IV's inclusion of one monster being able to fight along side you that he decided to expand upon it.

Considered to be series director, Yuji Horii's favorite.

Dragon Quest V appears in the book 1001 Video Games You Must Play Before You Die by General Editor Tony Mott.