A papal conclave was held between 22 September and 28 October 1362 in the Palais des Papes of Avignon to elect the successor of Pope Innocent VI. Guillaume de Grimoard was elected pope and took the name Urban V.

Twenty cardinals entered the conclave on 22 September, divided roughly into the factions of the French and Gascon cardinals (the latter being subjects of the king of England, in his capacity as duke of Aquitaine). Eleven or twelve of the twenty cardinals were Limousin, including three cardinal-nephews of Innocent VI and six nephews of Pope Clement VI.

After six days, the cardinals agreed upon the election of Hugues Roger, a cardinal and nephew of Clement VI, who refused the election in no uncertain terms (unlike many popes who made a show of "refusing" only to accept soon afterwards). Thereafter, cardinal Raymond de Canillac emerged as papabile but was unable to receive the requisite supermajority.

It became clear that none among the cardinals could receive a two-thirds majority, and thus discussion shifted to names outside the college. Disagreements continued until 28 October, when the cardinals agreed on Abbot Guillaume de Grimoard, the apostolic legate to the Kingdom of Naples, at the time residing in Florence. Fearing that Italians wishing to return the papacy to Rome would detain Grimoard, the French cardinals summoned him to Avignon, stating that they wished to consult with him, rather than informing him of his election. It took five weeks for Grimoard to reach Avignon, where he was crowned as Urban V.

Five years after his election, Urban V finally bowed to intense pressure from every direction and did temporarily return the papacy to Rome on 16 October 1367. He returned to Avignon three years later, however, on 26 August 1370. He died in December of that year.

Twenty out of twenty one cardinals participated in the conclave:

One cardinal was absent in Italy: