The Audi S5 was released in coupé form to the public at the same time as the A5. The Audi S5 Sportback was unveiled at the 2009 Frankfurt Motor Show, and went on sale in the spring of 2010 with a MSRP of €57,900.

The Audi S5, in comparison to the A5, features a more aggressive body style (typical design for Audi S and RS models) which consists of side skirts, bigger air inlets on front bumper and dual-quad tip exhaust. The S5 includes a string of LED daytime running lights around the bi-Xenon headlamps and a vertically striped chrome grille as well. In many markets, the S5 includes as standard, 19" alloy wheels with a five-parallel spoke design, bigger brakes, heated leather sport bucket seats, and other convenience features, some of which are available only as an option on the A5. Changes for 2010 model year include LED tail lamps, the introduction of Premium Plus and Prestige trim levels and new optional equipment such as leather/Alcantara seats.

Despite sharing the same nameplate, the powertrains were different between the coupé and the Cabriolet/Sportback for the 2010-12 model years. The 2007-2012 Audi S5 coupé had a 4.2-litre Fuel Stratified Injection (FSI) V8 engine that produces 260 kW (349 hp), while the S5 Cabriolet and Sportback have a supercharged 3.0-litre TFSI V6 engine producing 245 kW (329 hp) which is shared with the 2010 Audi S4 3.0 TFSI quattro sedan and avant. The coupé had a choice of either a 6-speed manual or 6-speed Tiptronic, while the Cabriolet/Sportback have the 7-speed S-tronic dual-clutch transmission. Despite minor differences in peak power output, both the V8 and the supercharged V6 provide very much similar performance. While the V8 benefits from the smooth power delivery the V6 is more frugal. The only Audi S5 with the V8 engine is the pre-facelift Coupe version.