V. S. O. P. The Quintet was recorded from two live performances, one at the Greek Theatre, University of California, Berkeley, on July 16, 1977, the other at the San Diego Civic Theatre, July 18, 1977. Musicians in this landmark performance were Herbie Hancock on keyboards, Freddie Hubbard on trumpet and flugelhorn, Tony Williams on drums, Ron Carter on bass, and Wayne Shorter on tenor and soprano saxophones. The recording was originally released in late 1977 as a 2-disc LP issued on the Columbia label.

An excerpt from a review in the January 1978 issue of Down Beat magazine is quoted on the back of the album and describes the performance this way:

"What the audience applauds on this album transcends mere form, technique and instrumentation. They were thrilled by the charisma generated by five masters who listened to one another's inner ears, spoke to each other at multiple levels, and, no matter how dense the musical content, conveyed their messages to the audience with amazing clarity."

"Third Plane" would become one of Ron Carter's most renowned compositions, while "Jessica" was originally featured on the 1969 Hancock album, Fat Albert Rotunda.