Factor V deficiency, also known as Owren’s disease, is a rare bleeding disorder caused by insufficient or dysfunctional factor V, leading to impaired blood coagulation. It can be inherited (autosomal recessive) or acquired due to immune responses and presents with a range of bleeding symptoms from mild bruising to severe hemorrhaging. Diagnosis is based on laboratory assays showing decreased factor V activity, and treatment involves fresh frozen plasma infusions and monitoring, with no known prevention for the inherited form.