This book constitutes the refereed proceedings of the 5th International Conference on Formal Modeling and Analysis of Timed Systems, FORMATS 2007, held in Salzburg, Austria, in October 2007.The 22 revised full papers presented together with 3 invited talks were carefully reviewed and selected from 48 submissions. The papers cover work on foundations and semantics of timed systems including timed automata, timed Petri nets, hybrid automata, timed process algebra, max-plus algebra, and probabilistic models. There are contributions on techniques, algorithms, data structures, and software tools for analyzing timed systems and resolving temporal constraints such as scheduling, worst-case execution time analysis, optimisation, model-checking, testing, constraint solving, etc.; finally there are articles on applications like real-time software, hardware circuits, and problems of scheduling in manufacturing and telecommunication.