Ben Gladwin, Adam El-Abd, Wes Thomas, Louis Thompson and Henrik Ojamaa have all left Swindon.
Gladwin, El-Abd, Thomas and Thompson were all on loan at the Sky Bet League 1 club and have now returned to QPR, Bristol City, Birmingham City and Norwich respectively following the expiration of their deals.
Estonia international striker Ojamaa has terminated his contract by mutual consent having made 11 appearances for the Robins.
A statement read: "The club would like to thank all five players for their service to the football club during their time in Wiltshire and wish them all the best for the future."
Meanwhile, Swindon striker Miles Storey has extended his loan spell with Inverness.
The 22-year-old will remain in the Highlands until the end of the campaign after netting eight goals in 16 games for Caley Thistle.