This book constitutes the refereed best selected papers of the 5th International Symposium on Parameterized and Exact Computation, IPEC 2010, held in Chennai, India, in December 2010.The 19 revised full papers presented were carefully reviewed and selected from 32 submissions. The topics addressed cover research in all aspects of parameterized and exact computation and complexity, including but not limited to new techniques for the design and analysis of parameterized and exact algorithms; parameterized complexity theory; relationship between parameterized complexity and traditional complexity classifications; applications of parameterized and exact computation; implementation issues of parameterized and exact algorithms; fixed-parameter approximation; fast approximation in exponential time; kernelization lower and upper bounds.