Wonder Boy in Monster World is the fifth Wonder Boy game in Westone's series of platformers, and the first to have originally debuted on the Sega Genesis. In Japan, the game is known as "Wonder Boy V: Monster World III", and is recognized as the third game in the "Monster World" sub-series, the first two being Wonder Boy in Monster Land and Wonder Boy III: The Dragon's Trap. The fourth Monster World game is Monster World IV, which at that point had moved away from the Wonder Boy brand. The Monster World games are distinctive within the Wonder Boy franchise for their more overt RPG trappings, like buying new equipment and increasing the main character's maximum health.
Wonder Boy in Monster World was later released in the U.S. on the Sega Genesis in 1992 and also on the European Sega Mega Drive. It also got back-ported to the Sega Master System with a graphical downgrade. There is also a TurboGrafx-CD release and rebranding of the game, which was known as The Dynastic Hero ("Chou Eiyuu Densetsu: Dynastic Hero" on the PC Engine CD-ROM). Lastly, both Wonder Boy in Monster World and The Dynastic Hero blessed the Wii Virtual Console back in 2007.