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In the current paper, we investigate the fifth order modified KP-I eqaution, namely \begin{equation*} \partial_t u-\partial_{x}^{5}u-\partial_{x}^{-1}\partial_{y}u+\partial_{x}(u^3)=0. \end{equation*} This equation is critical and we prove on that it is globally well posed in the natural energy space if the norm of the initial data is less the norm of the ground state associated to this equation. We also find a subspace of the natural energy space associated to this equation where we have local well-posedness, nevertheless if the initial data is sufficiently localized we obtain blow-up. On we prove global well-posedness in the energy space for small data.

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