Shiva Panchakshara Stotram is composed by Guru Adi Shankaracharya, a great sage of Advaita doctrine. The Lyrics of this Stotram have a great meaning describing God Shiva’s divine qualities and praises his association with Panchakshari mantra ‘Namah Shivaya’.
Starting with the hymn Nagendra Haraya Trilochanaya, the Shiva Panchakshara Stotram lyrics are composed with an indepth meaning in a way to praise Great God Shiva by the five lettered Panchakshari mantra Na, Ma, Si, Va, and Ya. Which represents the five basic elements namely Prithvi (Earth), Jala (Water), Agni (Fire), Vayu (Air), and Akasha (Space) tattvas respectively.
There is a similar Stotram called Shiva Shadakshara stotram that starts with the lyrics Omkaram Bindu Samyuktam that uses six syllable mantra Om Namah Shivaya to praise the great God.
The benefits of chanting this stotram are explained the phalastuti part of this great hymn.

Shiva Panchakshara Stotram Lyrics with Meaning in English
Nagendra haraya Trilochanaya
Bhasmanga ragaya Maheswaraya
Nithyaya shuddhaya Digambaraya
Tasmai Nakaraya Namah Shivaya (1)
The one who wears snakes as his ornaments, the three-eyed god
Who applies the holy ash all over his body, the greatest god (Maheshwara)
Who is forever, pure and wears directions as his clothes (Digambara)
Salutations to the god Shiva who is represented by syllable NA in Namah Shivaya
Mandakini salila chandana charchitaya
Nandeeswara pramadha nadha Maheswaraya
Mandara pushpa bahupushpa supujithaya
Tasmai Makaraya Namah Shivaya (2)
The god who wears sandalwood paste prepared with the waters of Mandakini (Heavenly Ganges)
Who is lord of Nandi, ganas, and others, who is the greatest god
Who is worshipped with Hibiscus and other flowers
I salute to that god Shiva, who is represented by syllable MA in Namah Shivaya
Shivaaya Gouri vadanabja brunda
Suryaya Daksha dwara naasakaya
Sri Neelakantaya Vrushadhvajaya
Tasmai Sikaraya Namah Shivaya (3)
The god who blossoms lotus like face of Gowri as a sun.
The destroyer of Daksha’s sacrifice
The one with blue throat and has a bull symbol on his flag
Salutations to the god Shiva who is represented by syllable SI in Namah Shivaya
Vasistha kumbhodbhava Gauthamarya
Muneendra Devarchitha shekaraya
Chandrarka vaiswanara lochanaya
Tasmai Vakaraya Namah Shivaya (4)
The one who is worshipped by Vasistha, Agastya, Gowthama and other great sages
The one who is worshipped by the Gods and has the crown of matted hair
Who has sun, moon, and fire as his three eyes
My Salutations to the god Shiva, represented by syllable VA in Namah Shivaya
Yagna swaroopaya Jathadharaya
Pinaka hastaya Sanathanaya
Divyaya devaya Digambaraya
Tasmai Yakaraya Namah Shivaya (5)
The one who is the embodiment of yagna and has tufted hair
Who has bow named Pinaka in his hand, who is natural and eternal
Who is divine and wears directions as his clothes
My salutations to you God Shiva, who is represented by syllable YA in Namah Shivaya (5)
Panchaksharamidam punyam yah patheschiva sannidhau
Shivalokamavapnothi sivena saha modathe
One who recites this Panchakshara Stotram in the abode of God Shiva will get the punya of attaining the Shivaloka and enjoys the God’s compassion.
Shiva Panchakshara stotram Lyrics in Sanskrit
नग्रेन्द्र हाराय त्रिलोचनाय
भस्माङ्ग रागाय महेश्वराय
नित्याय शुद्धाय दिगम्बराय
तस्मै नकाराय नमः शिवाय (1)
मन्दाकिनी सलिल चन्दन चर्चिताय
नन्दीस्वर प्रमथ नाध महेश्वराय
मन्दार पुष्प बहुपुष्प सुपुजिथाय
तस्मै मकाराय नमः शिवाय (2)
शिवाय गौरी वदनाब्ज बृंद
सूर्याय दक्षा ध्वर नाशकाय
श्री नीलकण्ठाय वृषध्वजाय
तस्मै शिकाराय नमः शिवाय (3)
वशिष्ठ कुम्भोद्भव गौथमार्य
मुनीन्द्र देवार्चित शेखराय
चन्द्रार्क वैश्वानर लोचनाय
तस्मै वकाराय नमः शिवाय (4)
यज्ञ स्वरूपाय जटाधराय
पिनाक हस्थाय सनातनाय
दिव्याय देवाय दिगम्बराय
तस्मै यकाराय नमः शिवाय (5)
पञ्चक्षरमिदं पुण्यं यः पाठेच्छिव संनिधौ
शिवलोक मवाप्नोति शिवेन सहमोदते
Benefits of Chanting Panchakshara Stotram
The phalastuthi part or the last lines from panchaksharamidam punyam to sivena saha-modathe clearly explains the Shiva Panchakshara stotram benefits that, whoever recites this divine hymn meaningfully in Shiva sannidhi (temple or Pooja area), will attain the abode of Shiva and live with him forever.
The underlying aspect of this stotram is to make the devotee understand the importance of God Shiva’s nature.
Another benefit of Shiva Panchakshara stotram is to increase the devotional spirit in oneself and to get them much closer to the abode of Great God Shiva.
Thank you for spreading this knowledge. Om Namath Shiva.
Shiva Panchakshara stotram is about Na Ma Si Va yA 5 Letter mantra. Meaning given very useful,thank u. You can listen this divine stotram here
https://www.youtube.com/watch?v=c3W73kvofgQ