He is also bidding to beat Spitz's record of seven gold medals in a single Olympic games and has moved to within three of that achievement.
The US star came a step closer to gold number six when he eased through to the semi-finals of the 200m individual medley, winning his heat in a time of one minute 58.65secs
He has the 100m butterfly and the 4x100m medley relay later in the week.
"There is still something left in the tank," he said. "I've got three races left, so there had better be something left in the tank."
Phelps began proceedings in the Water Cube on Wednesday in typical fashion, beating Hungary's Laszlo Cseh and Japan's Takeshi Matsuda in a world record time of 1:52.03 to claim 200m butterfly gold.
Video - Phelps bags fifth gold in relay
He looked slightly underwhelmed following the victory, despite the magnitude of his achievement, and revealed that a pair of leaky goggles almost scuppered his chances of glory.
But he battled on despite the fault to shave 0.06secs of his own 200m butterfly world record.
"My goggles kept filling up with water during the race," he said.
"I wanted a world record, I wanted 1:51 or better, but in the circumstances it's not too bad I guess."
And along with US team-mates Ryan Lochte, Ricky Berens and Peter Vanderkaay, Phelps later claimed relay gold in the 4x200m freestyle in another world record time of 6:58.56secs.
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