A five-dimensional (5D) controlled two-stage Colpitts oscillator is introduced and analyzed. This new electronic oscillator is constructed by considering the well-known two-stage Colpitts oscillator with two further elements (coupled inductors and variable resistor). In contrast to current approaches based on piecewise linear (PWL) model, we propose a smooth mathematical model (with exponential nonlinearity) to investigate the dynamics of the oscillator. Several issues, such as the basic dynamical behaviour, bifurcation diagrams, Lyapunov exponents, and frequency spectra of the oscillator, are investigated theoretically and numerically by varying a single control resistor. It is found that the oscillator moves from the state of fixed point motion to chaos via the usual paths of period-doubling and interior crisis routes as the single control resistor is monitored. Furthermore, an experimental study of controlled Colpitts oscillator is carried out. An appropriate electronic circuit is proposed for the investigations of the complex dynamics behaviour of the system. A very good qualitative agreement is obtained between the theoretical/numerical and experimental results.