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The Apple Watch Series 5 was announced on September 10, 2019. Its principal improvements over its predecessor were the addition of a compass and an always-on display with a low-power display driver capable of refresh rates as low as once per second. Additional new features include International Emergency Calling, enabling emergency calls in over 150 countries, a more energy-efficient S5 processor, improved ambient light sensor, and storage doubled to 32 GB. The release of the Series 5 also brought back the "Edition" model, with a ceramic model absent from the previous generation. A new titanium model was also included in two colors: natural and Space Black.

At its September 2020 product introduction event, Apple also announced the Apple Watch SE, a lower-cost model, similar to the iPhone SE. The SE incorporates the same always-on altimeter as the Series 6, but uses the previous-generation S5 processor and previous- (i.e. second) generation optical heart rate sensor; does not include ECG and blood oximeter sensors or an always-on display; and does not include ultra-wideband (UWB) or 5 GHz Wi-Fi communication capabilities.

The Series 5 and above (including the SE model introduced in 2020) also incorporate enhanced hardware- and software-based battery and performance management functionality.

Critics generally gave it a positive review. CNET gave it a score of 4/5, concluding, "The Apple Watch continues to be one of the best smartwatches, but it remains limited by being an iPhone accessory for now." Digital Trends gave it a score of 4.5/5. The Verge gave it a score of 9/10.

The Apple Watch Series 5 was available in Space Gray, Silver, and Gold aluminum case color options, as well as Space Black, Silver, and Gold stainless steel case color options.

The Apple Watch Edition Series 5 was the final Apple Watch model available with White ceramic case color option. It was the first Apple Watch model to add the new Natural and Space Black titanium case color options.

The first-generation Apple Watch SE was discontinued following the release of the second-generation Apple Watch SE in 2022.

Following Apple's annual product launch events, including Apple WWDC 2024, The Apple Watch Series 4, Series 5, and the first-generation Apple Watch SE no longer support major software upgrades, starting with watchOS 11 and onwards.