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Core i5 is a Dual Core processor line. It is Intel's mid-range processor series. It has many of the same features as the i7s including: Hyper Threading, Enhanced Intel Speed Step, and Turbo Boost. In addition to these features many Core i5s also include an integrated graphics processor on the die.
Key difference: Intel Core i3 is a type of dual-core processor. i5 processors have 2 to 4 cores. A dual-core processor is a type of a central processing unit (CPU) that has two complete execution cores. Hence, it has the combined power of two processors, their caches and the cache controllers onto a single chip.