In this work, a numerical solution of the modified regularized long wave (MRLW) equation is obtained by the method based on collocation of quintic B-splines over the finite elements. A linear stability analysis shows that the numerical scheme based on Von Neumann approximation theory is unconditionally stable. Test problems including the solitary wave motion, the interaction of two and three solitary waves and the Maxwellian initial condition are solved to validate the proposed method by calculating error norms and that are found to be marginally accurate and efficient. The three invariants of the motion have been calculated to determine the conservation properties of the scheme. The obtained results are compared with other earlier results.