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Godfred V, also known as king Goraidh mac Amhlaibh and Guthrod Olavssonn (died November 10, 1187) was King of the Isle of Man and the Isles from 1153 – 1158 and King of Man from 1164 – 1187, much of the kingdom being lost in the strife after him becoming deposed and before his second reign.

King Godfrey was son of king Olaf I of Man and Isles, "Olav Morsel," and Aufrica of Galloway. In 1140, Godfred's half-sister Ragnhailt had married Somerled, King of Kintyre.

1153 saw the deaths of two kings: David I of Scotland and GOdred's father Olave I of Man. There was much confusion and discord as a result and Somerled took his chance - making offensive moves against both Scotland and Man. Godfred for a short period ruled over Dublin also.

A summoning was sent to Dougal mac Somhairle, the son of Somerled and Ragnhailt - to move so he might be "King over the Isles".

In 1156 Godfred was defeated in battle against 80 ships of Somerled's fleet and the two enemies partitioned the isles between them. Godfred kept the islands north of Ardnamurchan with Somerled gaining the rest. This loss of southern isles was to remain permanent: the Manx regime never recovered them, having only northern Hebrides occasionally afterwards to belong to realm. As a result of this quarrel with the previously vassal-like ruler of Argyll, in 1156, lost the smaller islands off the coast of Argyll. An independent sovereignty thus appeared between the two divisions of the Manx kingdom.

Two years following this Somerled returned to the Isle of Man with 53 warships. He defeated Godfred again and this time forced him to flee to Norway. Somerled and family thus succeeded Godfred as King of Isles after they warred and Godfred was deposed in 1158. Somerled's kingdom now stretched from the Isle of Man to the Butt of Lewis.

Around 1164, Godfred's younger brother, the usurper Reginald III usurped the throne, kingship in Man but not in the other Isles, but Godfred soon reasserted his rule and resumed the throne from his brother and continued to rule in Man and in Northern Hebrides.

The islands which were under his rule were called the Suðr-eyjar (Sudreys or the south isles, in contradistinction to the Norðr-eyjar, or the "north isles," i.e. the Orkneys and Shetlands, and they consisted of the Hebrides, with Man. He used the title of Rex Manniae et Insularum (King of Man and the Isles). Godfred who for a short period ruled over Dublin also, as a result of a quarrel with Somerled, the ruler of Argyll, in 1156, lost the smaller islands off the coast of Argyll. An independent sovereignty thus appeared between the two divisions of his kingdom.

His sons were King Reginald IV, Ivar and lastly, from third marriage with Findguala from Ireland, Olave.

He died on 10 November 1187 and was succeeded by his eldest son Reginald IV, instead of his youngest son Olave whom he had designated as heir and successor. His youngest son was apparently very little at the time.