Produced by Shine North and scheduled to air later this year, four one-hour shows will follow the MP around a mock prison that mixes juvenile offenders with reformed criminals.
Blunkett, who will head the parole board of the prison, said the series will offer a way to get the message across to young people about what life on the wrong side of justice is like.
He said: "The prime task of any criminal justice system is to prevent people from committing a crime in the first place, and then to avoid re-offending.
"Getting across a clear message, forewarning young people what prison is like, and encouraging them to take an alternative path in life, has to make sense."
The programme will feature first hand accounts from the youths it aims to help, as well as from former criminals.
Steve Gowans, Five's head of factual entertainment and multi-channel commissioner, said: "We're delighted to have David Blunkett's involvement and support.
"His experience and understanding in this area will be invaluable to a fascinating social experiment tackling an issue that couldn't be more relevant."
The executive producer of 'Banged Up' is Robin Ashbrook and the series producer is Andrew Nicholson.
This article was first published on brandrepublic.com