The Centurion Mk.5, developed in 1955, was a modified Mk.3 with the addition of extra machine guns and minor design changes. In a further modification, Centurion Mk.5/1, an additional armour plate was fitted to the Centurion's lower glacis. A total of 221 tanks of this modification were produced. Some were converted from Australian Centurion Mk.3 and Mk.5 models, 58 of which were later used by Australia in the Vietnam War. They remained in service with Australia until the 1980s, when they were replaced by Leopard 1s.

Introduced during Update "Hot Tracks" as a reward for Battle Pass: Season II, "Steel Centurion", the Centurion Mk.5/1 is not only a combination of good protection, allowing it to withstand fire from potential opponents, and a powerful 20-pounder gun with AP and APDS rounds, but it also has a two-plane stabiliser, which allows for accurate firing on the move. However, the mobility of the Centurion Mk.5/1 leaves something to be desired, so it often lags behind allies when moving across the battlefield. It differs from the Centurion Mk 3 by having reinforced frontal armour on the lower glacis and a coaxial 12.7 mm machine gun.