In "Meiji Gekken 1874 - Episode 5," the episode begins with a discussion between Gentsugu, Gu'en, Kyoushirou, and Dario, highlighting the trust placed in Gu'en by his superiors and the responsibility he bears for the swordsman living at the inn. The episode's title, "Life-and-Death Battle," sets the stage for the intense duels that unfold.

In the Gekkenkai arena, a bustling atmosphere of anticipation and gambling fills the air as Moriya and Senri, a journalist, observe the crowd's excitement. The fights commence with a duel between Raigan and Shizuma, where real swords are unexpectedly permitted, raising the stakes and danger of the competition.

As the battles progress, each fighter showcases their skill and determination, with the outcomes surprising the audience and shifting expectations. The use of real swords adds a brutal realism to the clashes, emphasizing the life-or-death nature of the fights. Shizuma's victory over Raigan and Koto's triumph over Miller highlight their exceptional abilities and the unpredictability of the matches.

The episode also delves into personal themes and relationships, such as Kamejirou's search for his fiancée, which is tied to the tournament's events. New participants are introduced, and underlying motives—such as the pursuit of revenge and the exposure of traitors—are revealed.

As the tournament continues amid weather-related challenges, personal conflicts, and escalating tensions, the focus shifts to the fighters' backgrounds, their reasons for fighting, and the threats looming beyond the immediate battles. The episode concludes with preparations for the next day's fights.