He was the eldest son of Theobald IV of Champagne and his third wife Margaret of Bourbon. He succeeded to his father's titles on his father's death in 1253. His mother acted as regent from 1253 to 1256, when Theobald came of age.
Theobald married Isabelle, daughter of Louis IX of France, in 1255. He was reportedly close to his father-in-law, becoming one of his advisors. Theobald died childless in Sicily in 1270.
He was succeeded by his younger brother Henry III of Champagne.
| Preceded by: Theobald IV | Count of Champagne | Succeeded by: Henry III |
| Preceded by: Theobald II | King of Navarre | Succeeded by: Henry I |