Retrospectively in 2007, Rob Fahey of Eurogamer said that while it wasn't nearly as refined or "utterly fantastic" as Einhänder or Radiant Silvergun, Thunder Force V was still a good shooter with well-implemented mechanics. Fahey particularly praised the CRAW for being the game's "hook", and also liked its level design and "perfectly-tuned" boss fights. He described it as being: "A very solid shooter, in other words, which deserved far more credit than it received - not least because any shooter with bosses called Deep Purple and Iron Maiden is alright in our book."
Retrospectively in 2007, Rob Fahey of Eurogamer said that while it wasn't nearly as refined or "utterly fantastic" as Einhänder or Radiant Silvergun, Thunder Force V was still a good shooter with well-implemented mechanics. He particularly praised the CRAW for being the game's "hook", and also liked its level design and "perfectly-tuned" boss fights.