| 1 | Hulk Hogan WWF Champion — Main Event Hero Hulk Hogan was the primary babyface of WM5 — challenging Randy Savage for the WWF Championship in the Mega Powers Explode main event and winning his second WWF title with the Atomic Leg Drop at 17:54. | Main Event Babyface — WWF Title Challenger | 17:54 (main event) | Won WWF Championship — 2nd reign | WWE Hall of Famer 2005 |
| 2 | Randy Savage WWF Champion — Macho King Heel Turn Randy Savage was WM5's primary villain — defending the WWF Championship he won at WM4 against Hulk Hogan in the most personal match in WM history to that point. Savage's paranoid heel character and Miss Elizabeth's neutral role added emotional complexity. | Main Event Heel — WWF Champion Defender | 17:54 (main event) | Lost WWF Championship to Hogan | WWE Hall of Famer 2015 (posthumous) |
| 3 | Miss Elizabeth Neutral Corner — Both Men's Partner Miss Elizabeth was placed in a neutral corner at WM5 — the visual representation of her position between Hogan and Savage. Her visible distress during the match and eventual removal by the referee amplified the main event's emotional stakes. | Neutral Corner — Main Event | — | — | — |
| 4 | Rick Rude New WWF Intercontinental Champion Ravishing Rick Rude (managed by Bobby Heenan) defeated The Ultimate Warrior to win the WWF Intercontinental Championship at WM5 — Warrior's first pinfall loss in the WWF and Rude's career-defining title win. | New WWF IC Champion | — | Won IC Championship from Ultimate Warrior | — |
| 5 | The Ultimate Warrior WM5 Debut — IC Title Loss The Ultimate Warrior made his WrestleMania debut at WM5 as the reigning IC Champion — losing to Rick Rude in his first WM appearance. WM5 was the Warrior's first pinfall loss in the WWF, making the result shocking. | WWF IC Champion (lost) | — | Lost IC Championship to Rick Rude — first pinfall loss in... | — |
| 6 | Shawn Michaels The Rockers — WM5 Debut Shawn Michaels made his WrestleMania debut as part of The Rockers (with Marty Jannetty) at WM5 — losing to The Twin Towers in the second match of the night. Michaels would go on to become Mr. WrestleMania across 12 more appearances. | The Rockers — WM Debut | — | Loss with Jannetty to Twin Towers | WWE Hall of Famer 2011 |
| 7 | Owen Hart (Blue Blazer) Blue Blazer — WM5 Debut Owen Hart made his WrestleMania debut as The Blue Blazer at WM5 — losing to Mr. Perfect in a 5:38 showcase match. This was Owen's only WM appearance until his tragic death at Over the Edge 1999. | The Blue Blazer (WM Debut) | — | Loss to Mr. Perfect (5:38) | — |
| 8 | Mr. Perfect (Curt Hennig) Mr. Perfect — WM5 Debut Win Curt Hennig debuted his Mr. Perfect character at WM5 — defeating The Blue Blazer (Owen Hart) in 5:38 in his first WM appearance, establishing the Mr. Perfect character's flawless persona. | Mr. Perfect — WM Debut | — | Win over Blue Blazer (Owen Hart) — 5:38 | WWE Hall of Famer 2007 (posthumous) |
| 9 | Bobby Heenan The Brain — Triple Role at WM5 Bobby Heenan had one of the most active nights of any manager in WM history — managing King Haku, Rick Rude, The Brain Busters, and Andre the Giant, AND competing himself as the Red Rooster's opponent, getting squashed in 31 seconds. | Manager (4 clients) AND In-Ring Competitor | — | — | WWE Hall of Famer 2004 |
| 10 | Run-DMC Celebrity Performers — WrestleMania Rap Hip-hop legends Run-DMC performed a special WrestleMania Rap at WM5 — continuing the event's tradition of celebrity music performances and representing the WWF's ongoing crossover with mainstream music culture. | Celebrity Musical Performers | — | — | — |