More than 100 Thames Valley officers executed warrants at eight properties across the city early on Tuesday. Nine men were arrested.
Three men from Oxford, aged 36, 34 and 37, have been released on police bail until 8 July, police said.
Four of the five charged men are due to appear at Oxford Magistrates Court on Thursday.
They are:
A further man, aged 44, also from Oxford, has been released on police bail until 15 July.

28 June 2016 Last updated at 08:03 BST
On 1 July 1916, British soldiers started fighting in the Battle of the Somme.
The people in charge said that the battle had to happen to win the war.
But by the time it was over, more than a million soldiers on both sides had died or were injured.
Even now people can't agree on whether it was the right decision or a huge mistake.
Martin has been to the trenches in northern France to find out what happened.

The 27-year-old, who has won the women's World Cup and Olympic gold with her country, will join the French club on loan from NWSL side Orlando Pride.
Morgan said the decision to leave "wasn't easy" but she hoped the move "pushes my game to another level".
She said she plans on returning to Orlando in June but Lyon say there is an option for another year in the deal.
Lyon won the treble of Champions League, French league and French cup last season, and club president Jean-Michel Aulas said Morgan's signing proved their desire to "invest at the highest level".
The NWSL season runs from April to September, while the French season is from September to May.
Morgan, who has scored 73 goals in 120 games for the US, was in 2015 the best-paid player in women's football, with her estimated earnings reaching £1.9m with endorsements. In the same year, she appeared alongside Barcelona forward Lionel Messi on the cover of the Fifa 16 video game in North America.
"I'm in my prime right now, but my prime isn't going to last forever," she wrote in a blog post at The Players' Tribune.
She added: "I'm not looking to coast. Just going through the motions isn't something I'll ever be comfortable with. I want to be the best player in the United States, the best player in the world so I've decided to take a huge risk and bet on myself.
"After a few weeks of deliberation, I finally made this decision during a belated honeymoon that I recently took with my husband, Servando, in Europe.
"I will be leaving Servando and my family - and our dog, Blue - behind, and I know from years of experience that phone calls and FaceTime are not a fun way to stay connected.
"I know, too, that the Pride and our incredible fans will be opening a state-of-the-art new stadium without me, and that I will miss the early part of the season. All of those things made it very difficult for me to make this decision.
"But my motivation is pretty simple. I hope that training with these incredible athletes each day, and learning a unique style of play, is exactly what I need, and that it will help me find that next gear."
Five men have been charged after raids by police investigating child sexual exploitation in Oxford.
[NEXT_CONCEPT]
This Friday marks the 100th anniversary of one of the deadliest battles in World War One.
[NEXT_CONCEPT]
United States striker Alex Morgan will move to reigning European champions Lyon for six months from January.