The six towns that will appear in Heroes V are the humans, Haven, the demons, Inferno, the necromancers, Necropolis, the dark elves, Dungeon, the wizards, Academy, and the elves, Sylvan, with the dark elves being the new addition to the series. Each town adopts its own beliefs which are influenced by its interactions with other races throughout history. The highest beings of the Heroes of Might and Magic 5 universe are Dragons, who are the basis of religion, beliefs and cosmology in this new world. In accordance with this new genesis of the game, Nival have also developed an entirely new universe, one that is so diverse and different that it is likened to a mythology.

It is the Russian company, Nival Interactive has the main responsibilities for developing Heroes V and its expansions, overseen and published by the world-renowned French game developer, Ubisoft. It is the first time in the product's history that it is being developed by a company aside from New World Computing and 3DO, the publisher. Heroes of Might and Magic V is the next installment in the venerable and long-standing Heroes of Might and Magic series.

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