Asphalt 5 gameplay is very similar to that of Asphalt 4: Elite Racing and Ferrari GT: Evolution; with the player given the option of either tilting the device or touching the side of the screen to steer. The iPhone version of the game uses landscape steering, the PSP uses the control pad. The game also has a multiplayer mode, both local through Wi-Fi and Bluetooth, and global through an internet connection.
There are 30 licensed vehicles available in the game, including the Audi R8, Ruf Rt 12, Ford Shelby GT500, Lamborghini Murciélago LP 670-4 SuperVeloce, Ferrari 599 GTB Fiorano. The default car at the beginning of the game is the Mini Cooper S. The fastest car available to the player is the Bugatti Veyron. There are no Porsche-badged vehicles, although there are equivalents from Ruf. There are 17 different tracks in locations such as Aspen, New York, Las Vegas, Paris, Rome and Cape Town.