The channel, which launched on Freeview 18 months ago at the same time as Five US, will be rebranded at the end of April.
A new on-screen look, developed by brand consultancy Dave, will be unveiled and the relaunch will be backed by a marketing campaign planned by ad agency Vizeum.
Five has also announced a raft of new acquisitions to coincide with the launch of Fiver.
Among the new additions to the programme schedule is US reality TV series 'Celebrity Rehab', which chronicles nine celebrities' attempts to cure their alcoholism and drug addiction.
Fiver has also commissioned extreme travel series 'Madventures' from independent production company Rabbit Films, and a five-part fashion series, 'Glamour's Best Dressed List', from Target TV.
The relaunch is the first stage in a shake-up of Five's channels led by managing director for content, Lisa Opie, who joined the RTL-owned broadcaster in 2006 and took control of its marketing last year.
"It's absolutely the right time to refresh the channel's identity," Opie said. "Fiver will hold on to the best bits of Life, but be younger, faster and louder."
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