The increasing demand for millimeter-wave (mmWave) frequencies with wider signal bandwidths, such as 5G NR, requires large investments on test equipment. This work presents a 5G mmWave up/down-converter with a 40 GHz LO, fabricated in custom PCBs with off-the-shelf components. The mmWave converter has broad IF and RF bandwidths of 1∼5 GHz and 21∼45 GHz, and the built-in LO generates 20∼29.5 GHz and 33.5∼40 GHz of output. To achieve high linearity of the converter simultaneously, the LO must produce low-phase-noise and be capable of high harmonics/spur rejection, and design techniques related to these features are demonstrated. Additionally, a reconfigurable IF amplifier for bi-directional conversion is included and demonstrates low gain variation to maintain the linearity of the wideband modulation signals. The final designed converter is tested with 5G OFDM 64-QAM 100 MHz 1-CC (4-CC) signals and shows RF/IF output power of -3/8 dBm with a linear range of 35 (30)/38 (33) dB at an EVM of 25 dB.