Reference 5131 was launched in 2008 in yellow gold, 2009 in white gold and 2014 in pink gold. The present watch in white gold represents Europe, Africa, Asia, and Oceania whereas the yellow gold version represents Americas, Europe, and Africa and the pink gold version represents Asia, Oceania and the Americas.

Reference 5131 is the successor of reference 5130 and shows three notable differences: use of a distinguishable closionné enamel dial, the names of the 24 cities are displayed in Italic type and the signature Patek Philippe and company location Genève are engraved on the bezel. Only two or three enameller artists are able to produce these rare dials and together they can only deliver 30-40 dials of each color every year. In 2012 a special and unique reference 5131 was produced with a view of the Geneva lake, and in 2014 limited editions were produced for much celebrated the Patek Philippe 175th Anniversary.

A modern world time wristwatch, the mechanism used harks back to the 1930s when talented Geneva watchmaker Louis Cottier devised it and offered his invention to Patek Philippe. Cottier's ingenuity resulted in the company's now classic references 1415 HU and 2523. In 1959, Patek Philippe obtained a patent for Cottier's device (Swiss Patent No. 340 191). The company further developed the movement, introducing caliber 240 HU in 1999.