The current release date is scheduled for mid-late May 2006, and will follow in the same genre as its predecessors, maintaining the Turn-Based Strategy Engine in a Fantasy setting.

Heroes V is being developed by Nival Interactive with some assistance from French Game Publisher Ubisoft. With crisp 3D graphics, a completely new storyline, and scores of new features, Heroes of Might and Magic V is the complete fantasy game. Boasting 5 different multiplayer modes, both online and offline, it is a game that can be played for hours alone, or with a host of friends, via a LAN, or over the internet in a tournament. Promising to take the genre of strategy gaming to a whole new level, Heroes of Might and Magic V has all the necessary elements of an addictive, competitive, and highly successful game. There are 6 campaigns which, in total, have over 30 missions which further explore the history behind the towns. A different set of 6 magic schools live up to the name of 'Magic', while the Dynamic Combat System provides a faster option in battles. It consists of at least 90 different creatures, 14 in each town. The game itself will be beautifully rendered in 3D, another advancement not seen in any other previous Heroes game. The six towns that will appear in Heroes V are the humans, Haven, the demons, Inferno, the necromancers, Necropolis, the dark elves, Dungeon, the wizards, Academy, and the elves, Sylvan, with the dark elves being the new addition to the series. Each town adopts its own beliefs which are influenced by its interactions with other races throughout history.

The highest beings of the Heroes of Might and Magic 5 universe are Dragons, who are the basis of religion, beliefs and cosmology in this new world. In accordance with this new genesis of the game, Nival have also developed an entirely new universe, one that is so diverse and different that it is likened to a mythology.

It is the Russian company, Nival Interactive has the main responsibilities for developing Heroes V and its expansions, overseen and published by the world-renowned French game developer, Ubisoft. It is the first time in the product's history that it is being developed by a company aside from New World Computing and 3DO, the publisher. Heroes of Might and Magic V is the next installment in the venerable and long-standing Heroes of Might and Magic series.

Heroes v release