Leopold V. was born 1157 in Graz. He was from the dynasty of Babenberger. His father was duke Heinrich II. and Leopold was the father of the later dukes Friedrich I. and Leopold VI.
Starting from 1177 was Leopold duke of Austria, starting from 1192 also duke of Styria. As a faithful companion of the emperor Friedrich Ist Barbarossa he could specify the border to Bohemia. At the border of the duchy Austria and Steiermark Leopold V created 1194 Wiener Neustadt. 1191 Leopold V took part in the 3rd Crusade and at the conquest of Akkon, where he had a quarrell with the English king Richard the Lionheart. He was arrested on his way home in Vienna by Leopold V.
Later on Leopold used Richard’s ransom for the construction work in several cities. He died after an accident on 31/12/1194 and was buried in Heiligenkreuz.