Production – January 1998–January 1999
Body style – 4 – door sedan
Length – 4350 mm (171.3 in)
Width – 1770 mm (69.7 in)
Height - 1405 mm (55.3 in)–1415 mm (55.7 in)

In 1997, the WRC created a new "World Rally Car" class, and while these cars still had to abide by Group A standards, they did not have to meet homologation rules. Mitsubishi redesigned the Evolution IV with this in mind and introduced the Evolution V in January of 1998.

The interior was upgraded in the GSR version with a better class of Recaro seat.The body kit had flared arches at the front and rear and a new aluminium rear spoiler replaced the IV FRP version and gave an adjustable angle of attack to alter rear down force.The track was widened by 10 mm (0.4 in), the wheel offset changed from ET45 to ET38 along with the wheel diameter which rose from 16" to 17" to accommodate Brembo brakes which were added to enhance braking.