This book constitutes the refereed proceedings of the 5th International Conference on Pairing-Based Cryptography, Pairing 2012, held in Cologne, Germany, in May 2012. The 17 full papers for presentation at the academic track and 3 full papers for presentation at the industrial track were carefully reviewed and selected from 49 submissions. These papers are presented together with 6 invited talks. The contributions are organized in topical sections on: algorithms for pairing computation, security models for encryption, functional encryption, implementations in hardware and software, industry track, properties of pairings, and signature schemes and applictions.