The first model of the fifth-generation Corvette came out in 1997, the styling of which had shed the straight lines of the C4 and retreated to the more rounded lines of the C3. Noteworthy improvements in the C5 included a larger trunk to make the Vette a better daily driver, the transmission was moved to the rear for improved weight distribution and the rear was also raised for better aerodynamics. For the first time in the car's history, three body style variants were available, with a hardtop launched in 1999 to augment the convertible and targa-top coupe.

Under the hood sat a new 5.7-liter LS1 V8 unit, good for 344 horsepower and 356 lb-ft of torque enabling the C5 to dash from zero to 62 mph in just 4.7 seconds. Technological enhancements included a head-up display and run-flat tires. Production of ended in 2004 as Chevrolet put the finishing touches on the C6.