Electron impact collision strengths, energy levels, oscillator strengths, and spontaneous radiative decay rates are calculated for Mg V. The configurations used are 2s22p4, 2s2p5, 2p6, 2s22p33s, 2s22p33p, and 2s22p33d, giving rise to 86 fine-structure levels in intermediate coupling. Collision strengths are calculated at five incident energies, 10, 20, 30, 40, and 50 Ry, in the distorted wave approximation. Excitation rate coefficients (not tabulated here) are calculated as a function of electron temperature by assuming a Maxwellian electron velocity distribution. To calculate excitation rate coefficients, collision strengths at low and high energy limits are calculated by a method described by Burgess and Tully. Using the excitation rate coefficients and the radiative transition rates, statistical equilibrium equations for level populations are solved at electron densities covering the range of 108 1014 cm-3 at an electron temperature of log Te = 5.4, corresponding to the maximum abundance of Mg V. Fractional level populations and relative spectral line intensities are also calculated. Our calculated intensities are compared with the active region observations from the solar EUV rocket telescope and spectrograph (SERTS) and the diagnostic properties of Mg V are discussed. This dataset will be made available in the next version of the CHIANTI database.