The CHIANTI atomic database contains atomic energy levels, wavelengths, radiative transition probabilities, and collisional excitation data for a large number of ions of astrophysical interest. CHIANTI also includes a suite of IDL routines to calculate synthetic spectra and carry out plasma diagnostics. Version 5 has been released, which includes several new features, as well as new data for many ions. The new features in CHIANTI are as follows: the inclusion of ionization and recombination rates to individual excited levels as a means to populate atomic levels; data for Kα and Kβ emission from Fe II to Fe XXIV; new data for high-energy configurations in Fe XVII to Fe XXIII; and a complete reassessment of level energies and line identifications in the X-ray range, multitemperature particle distributions, and photoexcitation from any user-defined radiation field. New data for ions already in the database, as well as data for ions not present in earlier versions of the database, are also included. Version 5 of CHIANTI represents a major improvement in the calculation of line emissivities and synthetic spectra in the X-ray range and expands and improves theoretical spectra calculations in all other wavelength ranges.