Punk was assigned to Ohio Valley Wrestling, a WWE developmental territory. On September 26, 2005 in his OVW television debut, Punk suffered a ruptured eardrum and broken nose at the hands of Danny Inferno, after he was hit by an overly stiff right hand. Despite the injury, Punk finished the match and quickly recovered.
On November 9, 2005, Punk became the OVW Television Champion after defeating Ken Doane. This led immediately to a feud between Punk and Brent Albright, who had previously been feuding with Doane for the television championship and had lost his chance to wrestle Doane after Punk had hit him with a chair so he himself could wrestle Doane. This led to a series of matches, including one which ended in overtime with Albright having Punk submit to Albright's finisher, the Crowbar, however Punk was able to keep the championship as he had not agreed to the extra time. On January 4, 2006, Punk lost the OVW Television Championship during a three way dance between himself, Albright and Doane. Doane was injured halfway through the match and could not continue and was replaced by Aaron "The Idol" Stevens. Punk submitted to Albright's Crowbar and was eliminated but after interference by Punk, Stevens was able to get the pin on Albright to become the new OVW Television Champion. The feud continued after a short period in which Albright and Punk were a tag team, but they became opponents again after Albright wanted the respect of Punk who would never give it to him and instead proceeded to "punk out" (get the better of) Albright repeatedly. This continued for weeks with Punk always getting the better of Albright until a double turn occurred on February 1, 2006 when Albright turned heel during a tag match allowing The Spirit Squad to beat Punk and, in doing so, turning Punk face.
During this time CM Punk had a minor appearance at WrestleMania 22 on April 2, 2006 as one of the gangsters who rode a 1930s era car to the ring before John Cena's entrance.
When Matt Cappotelli vacated the OVW Heavyweight Championship due to a brain tumor, a tournament was held to crown a new champion. The finals were Brent Albright vs CM Punk with Albright defeating Punk to become the new champion. Punk and Albright continued their feud with Albright becoming more and more unstable and paranoid about maintaining his championship after several close call matches against Punk, resulting in acts such as threatening Maria. On May 3, 2006, Punk finally defeated Brent Albright in a strap match to win the OVW Heavyweight Championship. As champion, Punk retained the title in matches against opponents such as Shad Gaspard, Ken Kennedy, Johnny Jeter, and Mike "The Miz" Mizanin.
On July 28, 2006 Punk and Seth Skyfire defeated Shad Gaspard and the Neighborhoodie to win the OVW Southern Tag Team Championship at a house show. With the victory Punk became the second OVW wrestler to have held each of the promotion's three championships, following Brent Albright, and along with Skyfire the first to hold two championships simultaneously. They would lose the Tag Team Championship on August 2, 2006 to Deuce Shade and "Domino" Cliff Compton after an injured Skyfire tagged in an already injured Punk.
This lead to a feud between Punk and Skyfire after a rematch for the Tag Team Championship on August 7, 2006 in which a healthy Punk purposefully tagged in an injured Skyfire to be beaten by Shade and Compton. On August 30, 2006 a match was scheduled to take place between Punk and Skyfire for the OVW Heavyweight Championship however prior to the match Skyfire was attacked by Charles "The Hammer" Evans, who Skyfire had also been feuding with, and was replaced in the match by Chet Jablonski (Chet the Jet) who pinned Punk to win the OVW Heavyweight Championship. As he no longer possessed the championship OVW no longer required him so he was removed from the roster and brought up to the WWE roster full time. He continues to make sporadic appearances for the company such as at the 400th episode of OVW on television.
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