This book constitutes the refereed proceedings of the 5th International Workshop on Algorithms and Models for the Web-Graph, WAW 2007, held in San Diego, CA, USA, in December 2007 - colocated with WINE 2007, the Third International Workshop on Internet and Network Economics. The 13 revised full papers and 5 revised short papers presented were carefully reviewed and selected from a large pool of submissions for inclusion in the book. The papers address a wide variety of topics related to the study of the Web-graph such as random graph models for the Web-graph, PageRank analysis and computation, decentralized search, local partitioning algorithms, and traceroute sampling.