Quest for Glory V: Dragon Fire is the last official game of the Quest for Glory series, serving as an ending for all the story thread questions left unanswered in the previous games. Set in the kingdom of Silmaria, the Hero is asked to compete in the Rites of Rulership in order to become the king of Silmaria. As the other competitors in the Rites of Rulership are assissinated, the Hero soon realizes that there is more to this ritual than simply a contest for the throne. It is discovered that each murdered contestant brings the Dragon of Silmaria closer to freedom and the climax of the game features a battle between the Dragon and the Hero.
As with previous games in the series, the plot and the characters met in the game depend on which class the player chooses at the beginning of the game. For example, the love interest for the Hero depends on his class: a Fighter would have Elsa as his love interest while the Paladin would have Erana as his love interest. This encourages replayability as a player must play the game at least four times in order to play all of the game's content.
Gameplay in the fifth game is substantially different than the first four games as the game placed greater emphasis on the RPG and combat aspects of the series rather than on the point-and-click adventure game aspects that the series had previously espoused. Unlike the previous games, where combat took place in a different screen and was separate from the main game, Dragon Fire's combat took place in the same screens and environments as the rest of the game.
A demo was released with a compilation of the previous four games that had many features that were cut from the final retail release. The biggest feature that was removed was multiplayer co-op, which would have allowed two players to complete the game together. Other minor features that were removed from the game include the ability to use a bow and to play a female character. Although the developers suggested that these features could be re-implemented into the retail release with a patch, the entire development team was laid off and any patch plans were abandoned.