The efficiency of light-duty diesel engines should be improved for further emissions regulation. Multi-stage split injection with five injection events was investigated for improvement in efficiency at low-load conditions. The injection timing and quantity were adjusted to achieve a smooth in-cylinder pressure rise and continuous heat release. The multi-stage split injection was compared to injection strategies involving two-pilot and single-main injections. A 0.5 L single-cylinder diesel engine experiment was conducted under low-load conditions. Two multi-stage split injection processes with different combustion phases were developed. The multi-stage split injections yielded a smooth in-cylinder pressure trace and a lower peak heat release rate than the two-pilot injection process. The combustion duration was shorter for multi-stage split injection with an advanced combustion phase, and the fuel consumption was reduced by 1.78% with lower heat transfer, exhaust heat, and combustion loss. The multi-stage split injection flame penetration was shorter than the two-pilot injections. The shorter flame penetration and lower tip velocity reduced the heat transfer to the combustion chamber. The PM emissions were also reduced by 30% under the same NOx emissions, because increased PM oxidation and divided fuel injection prevented flame diffusion and improved air utilization.