The evolution and dynamics of a locally-rotationally-symmetric (LRS) Bianchi type-V space-time cosmological models are discussed with variable gravitational and cosmological “constants” in context of the particle creation. We present the exact solutions of Einstein field equations by using a power-law form of the average scale factor of the metric in the case of the particle creation and in the absence of particle creation. The solution describes the particle and entropy generation in the anisotropic cosmological models. The particle creation rate is uniquely determined by the variation of gravitational and cosmological “constants”. We observe that the variable gravitational constant does not necessarily imply particle creation. In a generic situation, models can be interpolated between different phases of the universe. The dynamical behaviors of the solutions and kinematical parameters of the model are discussed in detail.
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