The young actor who plays Rocky, Jr. is Sage Stallone, Sly's 14-year-old son.  The two worked together six years later on the action film Daylight.

The actors who play Tommy Gunn and Union Cane are both real boxers.  

The reporters in the movie were actually played by real reporters from various Philadelphia newspapers and TV stations.
 

The famous red, white and blue boxing trunks first worn by Apollo Creed in his fight with Rocky in the first film make their fifth and final appearance in Rocky V.
 

The golden glove necklace featured so prominently in this film was first seen in Rocky III, then again throughout Rocky IV.  As a promotional gimmick, replicas of the necklace were distributed to moviegoers at the Hollywood premiere of Rocky V at Grauman's Chinese Theatre.  Click here to purchase a necklace of your own! 

The character George Washington Duke is based on real life boxing promoter Don King.  The unlikable character even uses King's signature catchphrase: "Only in America".
 

In this movie we learn that Rocky's real name is Robert.  This revelation is made when Rocky, Jr. is asked his name he says, "Robert".  An earlier reference to "Robert" actually appeared in an image seen on bubble gum trading cards released in conjunction with Rocky II.