Education Secretary Michael Russell said the money would pay for planned improvements at a number of colleges.
It comes after the Scottish Government pledged a "building boom" with extra money available through the Chancellor's autumn budget statement.
The SNP administration plans £205m of construction and maintenance work, and hopes the £5m for colleges will give students a better learning environment.
The money is part of £19m for further and higher education over the next two years, with £300m also planned through the Scottish Government's non-profit distributing funding.
Mr Russell said: "These funds will help to ensure that we address the pressing maintenance needs of the college estate."