Chloroplasts divide by binary fission, which is driven by a ring-like multiprotein complex spanning the inner and outer envelope membranes (OEMs) at the division site. The cytosolic DYNAMIN-RELATED PROTEIN 5B (DRP5B/ARC5) is a mechanochemical GTPase involved in binary fission of the chloroplast membrane in Arabidopsis (Arabidopsis thaliana), but the dynamics of its interactions with the chloroplast membranes and their regulation by guanine nucleotides and protein effectors remain poorly characterized. Using an Arabidopsis phot2 mutant with defects in chloroplast photorelocation movement, we determined that the ring structures of DRP5B at the chloroplast division site underwent subunit exchange with a cytosolic DRP5B pool. Mutant DRP5B proteins with impaired GTPase activity retained the ability to self-assemble at the constriction sites of chloroplasts, but did not rescue the chloroplast division defects in the Arabidopsis drp5B mutant. Our in vivo kinetic measurements of the DRP5B mutant T82D suggested that turnover of the DRP5B ring at the chloroplast division site is coupled to GTP hydrolysis. Furthermore, we established that DRP5B targeting to the chloroplast surface and assembly into a ring structure at the division site are specifically determined by the chloroplast outer OEM protein PLASTID DIVISION2 (PDV2), and that DRP5B-OEM dissociation is mainly mediated by PDV1, a paralog of PDV2. Thus, this study suggests that the mechanochemical properties of DRP5B on the chloroplast surface are dynamically regulated by its GTPase activity and major binding partners.