We present the results of a photometric survey for variable stars in the nearby globular cluster M5. A 14.8x22.8 arcmin^2 field centered on the cluster was monitored for a total of 37 hours with a CCD camera mounted on the 1.0-m Swope telescope. Five new variables were identified: four blue stragglers which are SX Phe pulsating variables, and an eclipsing binary with an orbital period of 0.466 d. The eclipsing binary lies near the main-sequence turnoff on the cluster color-magnitude diagram. We do not confirm the variability of any of the 10 eclipsing binaries identified in the cluster field by Reid (1996) and Yan & Reid (1996). The dwarf nova M5-V101 exhibited two outbursts with full amplitudes of about 2.7 mag during our observations. A V/B-V color-magnitude diagram of the surveyed field was obtained, and a possible extreme HB star located 2 mag below cutoff of the blue HB was identified.
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