This volume constitutes the proceedings of the Fifth International Workshop on Field-Programmable Logic and Its Applications, FPL '95, held in Oxford, UK in August/September 1995. The volume presents 46 full revised papers carefully selected by the program committee from a large number and wide range of submissions. The papers document the progress achieved since the predecessor conference (see LNCS 849). They are organized in sections on architectures, platforms, tools, arithmetic and signal processing, embedded systems and other applications, and reconfigurable design and models.