A new five-dimensional modified Chua’s system is proposed and its dynamic properties are investigated through numerical simulations, the stabilization of equilibrium points, bifurcation diagrams, and Lyapunov exponent spectrum. The different dynamic behaviors of the new system are analyzed with system parameters changed. Based on the mathematical model of the new system and the digital processing technology, the five-dimensional modified Chua’s system is discretized. According to IEEE-754 standard and module-based design idea, basic floating-point operational modules are designed. Furthermore, the chaotic attractors of the five-dimensional modified Chua’s system are realized by field programmable gate array. The investigation results show that the chaotic system is different from the existing chaotic systems. It also shows a good agreement between numerical simulation and hardware implementation, which proves the existence and realizability of the new chaotic system.