In this paper, we have studied Noether symmetries of locally rotationally symmetric (LRS) Bianchi type V spacetimes. Solving the determining equations of Noether symmetries, it is concluded that the dimension of Noether algebra for these spacetimes is 5, 6, 7, 9, 10, 11 or 17. For all Noether symmetry generators, we have presented the corresponding conservation laws and the Lie algebra. Moreover, some physical implications of the obtained metrics are discussed, which include the study of different energy conditions.