The fifth year of IROC competition took place over three weekends in 1977 and 1978. IROC V saw the use of the Chevrolet Camaro in all races, and the schedule was held over in its entirety from IROC IV. Al Unser won two races en route to the championship, and took home $50,000 for his efforts.
The roster of drivers and final points standings were as follows:
| Position | Driver | Winnings | Series |
|---|---|---|---|
| 1 | Al Unser | $50,000 | USAC Champ Car |
| 2 | Mario Andretti | $26,000 | Formula One'USAC Champ Car |
| 3 | Darrell Waltrip | $23,000 | NASCAR Winston Cup |
| 4 | Cale Yarborough | $23,000 | NASCAR Winston Cup |
| 5 | Richard Petty | $20,000 | NASCAR Winston Cup |
| 6 | Gordon Johncock | $17,500 | USAC Champ Car |
| 7 | Benny Parsons1 | $16,000 | NASCAR Winston Cup |
| 8 | Jacky Ickx | $15,000 | Formula One |
| 9 | Johnny Rutherford | $12,000 | USAC Champ Car |
| 10 | Gunnar Nilsson1 | $7,500 | Formula One |
| 11 | Tom Sneva | $7,500 | USAC Champ Car |
| 12 | Al Holbert | $7,500 | IMSA Camel GT |