The Fifth International Conference on Megagauss Magnetic Field Generation and Related Topics was hosted by the Lavrentyev Institute of Hydrodynamics, Siberian Division of the USSR Academy of Sciences, which has performed this service for the world scientific community for the second time; Megagauss III was held in Novosibirsk in 1983. The International Advisory Committee of Megagauss V was chaired by Academician E.P. Velikhov, with Professor V.M. Titov, Director of the Lavrentyev Institute of Hydrodynamics, serving as Vice-Chairman and Dr. G.A. Shvetsov as Scientific Secretary. The conference again provided a forum for discussion of the physics, technology and the application of high magnetic fields and of related pulsed electrical power systems involving multimegaampere currents. The conference was preceded by the International Workshop on Opening Switch Physics and Techniques, chaired by Academician G.A. Mesyats. The participants visited several institutes in Leningrad, Moscow, Tomsk and Novosibirsk before and after the workshop and the conference.