Abstract The legacy imaging surveys for the Dark Energy Spectroscopic Instrument project provides multiple-color photometric data, which are about 2 mag deeper than those from the SDSS. In this study, we redetermine the fundamental properties for an old halo globular cluster of Palomar 5 based on these new imaging data, including structure parameters, stellar population parameters, and luminosity and mass functions. These characteristics, together with its tidal tails, are key for dynamical studies of the cluster and constraining the mass model of the Milky Way. By fitting the King model to the radial surface density profile of Palomar 5, we derive the core radius of , tidal radius of , and concentration parameter of c = 0.78 ± 0.04. We apply a Bayesian analysis method to derive the stellar population properties and get an age of 11.508 ± 0.027 Gyr, metallicity of [Fe/H] = −1.798 ± 0.014, reddening of E(B − V) = 0.0552 ± 0.0005, and distance modulus of . The main-sequence luminosity and mass functions for both the cluster center and tidal tails are investigated. The luminosity and mass functions at different distances from the cluster center suggest that there is obvious spatial mass segregation. Many faint low-mass stars have been evaporated at the cluster center, and the tidal tails are enhanced by low-mass stars. Both the concentration and relaxation times suggest that Palomar 5 is a totally relaxed system.