Gauge theories are one of the corner stones of modern theoretical physics. They describe the nature of all fundamental interactions and have been applied in multiple branches of physics. The most challenging problem of gauge theories, which has not been solved yet, is their strong coupling dynamics. A class of gauge theories that admits simplifications allowing to deal with the strong coupling regime are supersymmetric ones. For example, recently proposed method of supersymmetric localization allows to reduce expectation values of supersymmetric observables, expressed through the path integral, to finite-dimensional matrix integral. The last one is usually easier to deal with compared to the original infinite-dimensional integral. This thesis deals with the matrix models obtained from the localization of different 5D gauge theories. The focus of our study is N=1 super Yang-Mills theory with different matter content as well as N=1 Chern-Simons-Matter theory with adjoint hypermultiplets. Both theories are considered on the five-spheres. We make use of the saddle-point approximation of the matrix integrals, obtained from localization, to evaluate expectation values of different observables in these theories. This approximation corresponds to the large-N limit of the localized gauge theory. We derive <img src="http://www.diva-portal.org/cgi-bin/mimetex.cgi?N%5E%7B3%7D" /> behavior for the free energy of 5D N=1* super Yang-Mills theory at strong coupling. This result is important in light of the relation between 5D theory and the world-volume theories of M5-branes, playing a significant role in string theory. We have also explored rich phase structure of 5D SU(N) N=1 super Yang-Mills theory coupled to massive matter in different representations of the gauge group. We have shown that in the case of the massive adjoint hypermultiplet theory undergoes infinite chain of the third order phase transitions while interpolating between weak and strong coupling in the decompactification limit. Finally, we obtain several interesting results for 5D Chern-Simons theory, suggesting existence of the holographic duals to this theory. In particular, we derive <img src="http://www.diva-portal.org/cgi-bin/mimetex.cgi?N%5E%7B5/2%7D" /> behavior of the free energy of this theory, which reproduces the behavior of the free energy for 5D theories with known  holographic duals.