Highway 5 is a 127-kilometre (79 mi) highway that connects Lethbridge to Waterton Lakes National Park in southern Alberta, Canada. It begins as an east–west highway in Waterton and transitions to a north–south route before ending at Highway 4 in Lethbridge.

Highway 5 is part of the Cowboy Trail between Highway 6 in Waterton Lakes National Park and Cardston.

Highway 5 begins in the Hamlet of Waterton Park within Waterton Lakes National Park. After leaving the park, the highway generally travels east, passing by the hamlets of Mountain View and Leavitt, to the Town of Cardston. After Cardston, the highway generally travels northeast, passing by the Hamlet of Spring Coulee, the Town of Magrath, and the Hamlet of Welling Station. Shortly after Welling Station, the highway travels north, passing the Hamlet of Welling, before entering Lethbridge.

In Lethbridge, Highway 5 follows Mayor Magrath Drive to the Scenic Drive/24 Avenue South intersection. Historically, Highway 5 continued along Mayor Magrath Drive to Crowsnest Trail (Highway 3); however, it officially turns east and follows 24 Avenue South to 43 Street and terminates at Highway 4. Signage is in place along Highway 3 that directs traffic to Highway 5 via 1st Avenue South and Scenic Drive (from downtown Lethbridge), Mayor Magrath Drive, and 43 Street.

The following is a list of major intersections along Alberta Highway 5 from southwest to northeast.