The Woodcock-Johnson V (WJ V; McGrew, Mather, LaForte, et al., 2025) represents the most significant evolution in comprehensive cognitive assessment since the battery was introduced nearly 50 years ago. This article provides an overview of the WJ V Tests of Cognitive Abilities and Virtual Test Library, highlighting key revisions from the WJ IV and examining psychometric properties and interpretive options. The WJ V assessment system comprises 60 co-normed tests across cognitive, achievement, and language domains, making it the most comprehensive assessment battery currently available. Major innovations include a fully digital platform, contemporary post-pandemic norms, enhanced theoretical alignment with current Cattell-Horn-Carroll (CHC) theories, and expanded diagnostic capabilities through the new Virtual Test Library. The WJ V Tests of Cognitive Abilities contains 20 tests organized into 17 clusters, including three general intelligence measures, seven CHC broad ability clusters, and six narrow ability/clinical clusters. Significant structural changes include the creation of a new Retrieval Fluency (Gr) broad ability cluster, the removal of Auditory Processing (Ga) from the General Intellectual Ability (GIA) cluster, substantial revisions to the GIA composition, and the relocation of specialized tests to the Virtual Test Library, which incorporates 15 specialized tests, enabling the targeted evaluation of phonological awareness, rapid automatized naming, and memory functions critical for the identification of dyslexia. Extensive validity evidence supporting the battery's structure was obtained through a sophisticated three-stage framework employing multiple analytical methods, including exploratory factor analysis, multidimensional scaling, cluster analysis, and psychometric network analysis. Clinical validity studies demonstrate the battery's effectiveness in differentiating various neurodevelopmental conditions. The WJ V's four-level interpretive framework emphasizes criterion-referenced proficiency measures alongside traditional norm-referenced scores, providing educationally relevant information for intervention planning. This comprehensive assessment system offers practitioners unprecedented flexibility for hypothesis-driven evaluation while maintaining the psychometric rigor essential for high-stakes educational and diagnostic decisions, positioning it as a transformative tool for evidence-based assessment practices in the digital age.