A PlayStation 2 remake of Dragon Quest V was released in Japan, and included a preview video of the prototype version of Dragon Quest VII. The remake was developed by ArtePiazza and Matrix Software, the former of which would go on to supervise remakes of nearly each title in the series for the Nintendo DS and 3DS.

It features 3D graphics that are similar in style to Dragon Quest VII, but it utilizes the extra PlayStation 2 graphical capabilities for more detailed polygonal models and textures and the soundtrack was performed by the NHK Symphony. The remake actually uses an earlier version of the DQVIII engine developed by Level-5, making the only instance of a hardware's remake title launching before the next main entry. In addition to truly bringing the series into the third dimension after the limited scope of the seventh game, the PS2 remake of Dragon Quest V also adjusted the scenario and balance of the game.