The tenth episode of Emily in Paris Season 5 begins with Marcello and Emily on a gondola in Venice, accompanied by Nico and Mindy, who discuss the city's charm and their upcoming fashion show. As they stroll the streets, Emily and Mindy snap photos, exchanging glimpses of excitement and friendship.

Sylvie informs Emily that she's in Rome for the funeral of Lady Gianna's husband, where the two women chat about their financially strained spouses. Hours before the show, Marcello reveals to Emily that the venue is submerged due to acqua alta, a natural phenomenon in Venice. The group brainstorms ways to proceed without an alternate location, their determination evident in the face of adversity.
Emily discovers a ring box in Marcello's suitcase, leaving her shocked and curious. She shares her discovery with Mindy, who is overjoyed at the prospect of a proposal. However, during their lunch date, Marcello presents Emily with a Tiramisu instead of a ring, leaving her slightly disappointed. The next day, Mindy learns of the non-proposal and is left confused.
The show itself ends with a surprise twist: Sylvie is shocked to find the venue underwater, but Emily and the team decide to have the audience wear gumboots for the show. Antonia arrives to witness this unique event, though Emily and her friends worry about her reaction. However, the show is a resounding success, with Antonia and Lavia both impressed by Marcello's designs. Antonia publicly forgives Marcello and withdraws the lawsuit against him, inviting him back to Solitano.
After the show, Marcello reveals his intention to return to Solitano and asks Emily to work on his brand's marketing. Emily is surprised to learn that Marcello wants her to move in with him, setting the stage for further developments in their relationship and the continued growth of his fashion empire.
As the final episode of "Emily in Paris" Season 5 unfolds, Sylvie's world is turned upside down when she discovers that even after the divorce, she is still responsible for Laurent's debts. Julien and Luc, overhearing this conversation, come to the conclusion that Agence Grateau may soon be on the brink of closure or a sale. In a bid to ensure their own futures, Sylvie enlists them in the search for new jobs, while urging Emily, who has already moved on, to seize the opportunity at Marcello's brand. As their professional relationship comes to an emotional end, Sylvie promises to stay in touch, her voice tinged with a hint of sadness.
Meanwhile, Mindy receives a call from Alfie, where he confesses his true feelings for her. He invites her to meet when she returns to Paris. That night, Emily finds herself contemplating Marcello's impending proposal, her heart filled with anxiety and uncertainty.
The next day, Marcello and Nico take Emily and Mindy on a double date, each confessing their feelings for their respective partners. As Marcello reaches for the ring in his pocket, Emily blurts out a resounding "no," startling both him and Nico. Marcello, taken aback by her reaction, reveals that he was merely holding the ring for Emily. Nico, on the other hand, proposes to Mindy, who happily accepts.
After their boat ride, Marcello and Emily engage in an emotional conversation. Emily shares her reluctance to leave Paris and her life behind for him. They share a kiss before parting ways for good.
In Paris, Emily and Mindy discuss Emily's breakup with Marcello while Mindy shares her wedding plans and Nico's urgency to set a date. Their encounter with Alfie outside Antonio's restaurant is filled with tension as he sees Mindy's ring and tells her she's making a mistake.
The season ends with Sylvie informing Emily at the office about Gianna's role in saving Agence Grateau and becoming their partner. Gabriel learns of his six-month break from yacht work, and the episode closes with Sylvie texting him about Emily's breakup. Gabriel, as promised, sends Emily a postcard, marking the end of a season filled with love, loss, and new beginnings in the city of light.