The Fairchild VZ-5 was a high-wing monoplane with a fixed tricycle undercarriage. The single pilot sat in an open cockpit at the extreme front of the aircraft. Despite having four propellers, two on each wing, the VZ-5 only had one engine, a GE turboshaft which produced 1,032 horsepower.

The Fairchild VZ-5's real party trick was its highly adjustable wing. The wing had conventional trailing flaps and ailerons which would have allowed the VZ-5 to fly exactly like a conventional aircraft once airborne. However for take-off and landings the rear two-thirds of the wing could be angled downward to direct the thrust towards the ground and provide vertical lift. To assist the aircraft during take-off the VZ-5 could be angled backwards so it sat on a rear skid. Once in the air two small rotors mounted on the rear stabilizer allowed the pilot to control the aircraft's pitch.