The names, according to the Ministry of Defence (MOD), will represent the future vision of the Royal Navy and collectively, the vessels will be known as the 'Inspiration Class'.
Approved by the Queen, the ships, which will cost about £250m each, will be named HMS Active, HMS Bulldog, HMS Campbeltown, HMS Formidable and HMS Venturer.
The names are drawn from former warships and submarines in hope that the history of their namesakes will 'inspire' Royal Navy operations, the MOD said.
HMS Active is said to signify the forward deployment of Royal Navy ships to protect UK values and interests, whilst HMS Bulldog is focused on operational advantage in the North Atlantic.
HMS Campbeltown symbolises the 'raiding from the sea' focus of the Royal Marines' Future Commando Force modernisation programme.
HMS Formidable recognises the history of aircraft carrier strike operations and HMS Venturer promotes the Navy’s technology and innovation.
First Sea Lord, Admiral Tony Radakin, said: "I welcome the announcement of the names of the Inspiration Class frigates.
"Each of the names has been chosen for evoking those values we strive for: cutting-edge technology, audacity and global operations.
"They represent the best of Britain's world-class shipbuilding heritage and will fly the flag for decades to come."
What are the Type 31 frigates?
The Type 31 frigates will replace the five general-purpose Type 23 frigates currently in service with the Royal Navy.
Expected to enter service by 2028, the ships will carry a crew of up to 105 and will be deployed on duties around the world, working alongside the new Type-26 frigates dedicated to submarine detection operations.
Initially announced by the MOD in November 2019, the five new vessels will be constructed by defence company Babcock at its dockyard in Rosyth, Scotland.
The first steel cut is due to take place this summer.
The Defence Command Paper published in March outlined the Type 31s as "key to our forward presence in the South Atlantic, the Caribbean, the Mediterranean and the Gulf of Guinea, as well as the Indian and Pacific Oceans".
Cover image: A computer-generated image of a Type 31 frigate (Picture: MOD).