Bovine alphaherpesvirus 1 (BoAHV1) is prevalent in cattle throughout the world, whereas bovine alphaherpesvirus 5 (BoAHV5) prevalence seems restricted to some countries in South America, Australia, and other regions, mainly in the Southern Hemisphere. BoAHV5 infections occur where water buffalo (Bubalus bubalis) farming is practiced, often close to cattle (Bos taurus) farms. Bubaline alphaherpesvirus 1 (BuAHV1), a virus whose natural host is believed to be the water buffaloes, usually causes asymptomatic infections in that species. Here, evidence is provided confirming the close relationship between BuAHV1 and BoAHV5. Phylogenetic and recombination analyses were used to reveal the evolutionary relationship between all whole-genome sequences of BoAHV1 (n = 52), BoAHV5 (n = 7), and BuAHV1 (n = 6) available to date. It is proposed here that BoAHV5 most likely resulted from multiple recombination events between a BuAHV1-like ancestor and BoAHV1-like viruses. The BoAHV5 whole unique short (US) region and most of the unique long (UL) genomic regions seem to have been derived from a BuAHV1-like parental genome, whereas at least six small segments of the UL (corresponding to nucleotides 8287 to 8624; 10,658 to 14,496; 48,013 to 48,269; 71,379 to 71,927; 81,426 to 85,003; and 94,012 to 96,841 of the BoAHV5 genome) and two small segments of the US (corresponding to nucleotides 107,039 to 107,581 and 131,267 to 131,810) have been derived from a BoAHV1-like parental genome. The hypothesis that the BoAHV5 species may have originated following a series of recombination events between BuAHV1 and BoAHV1 variants is consistent with the geographical distribution of BoAHV5, which seems to be prevalent in the regions where cattle and water buffalo farming overlap.