Will this work for an AM5 set up?

Yes, works great. I have the same setup as the reponse from Douglas. Only other notes are make sure your case will accomodate it it's best mounted to the top of case over vertical and even better using the MSI Fozer cooling software to control speeds based on CPU temp.

Do I need to buy cooling liquid separately or does it come with some?

The Cooler Master MasterLiquid 360 Atmos ARGB is a close-loop AIO (All-In-One) liquid cooler, which means it comes pre-filled with coolant and you do not need to buy cooling liquid separately.

Questions & Answers: Cooler Master MasterLiquid 360 Atmos ARGB Close-Loop AIO Liquid Cooler, Customize Pump, Sickleflow Edge PWM Fans, 360mm Radiator, CryoFuze, AMD AM5/AM4, Intel LGA 1851/1700/1200 (MLX-D36M-A25PZ-R1)

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Cooler Master MasterLiquid 360 Atmos ARGB Close-Loop AIO Liquid Cooler, Customize Pump, Sickleflow Edge PWM Fans, 360mm Radiator, CryoFuze, AMD AM5/AM4, Intel LGA 1851/1700/1200 (MLX-D36M-A25PZ-R1)

Next Gen Dual Chamber Pump: Patented Next Gen dual chamber design refined for enhanced cooling synergy. Increased water pressure and optimized flow targeted directly at CPU hot spots.
Customize Your Pump Design: Personalize the pump top cover with your own unique 3D design. Create a one-of-a-kind design along with full control of Addressable Gen 2 RGB lighting.
Sickleflow Edge: Latest Sickleflow Edge 120mm fans pre-installed for superior cooling and a simpler streamlined user installation.
Fine Tuned Performance Ration: Precision-engineered ultra-thin spade fins have been designed to maximize microchannels, ensuring precise targeting of heat spots.
Going Green: Pump cover crafted from recycled plastics and 35% of metal components recyclable as well. 30% smaller packaging constructed with sustainable materials sets the Atmos as an eco-pioneer.

$149^.99 –