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The extreme monthly-mean temperatures simulated by 28 models in the fifth phase of the Coupled Model Intercomparison Project (CMIP5) are evaluated and compared with those from 24 models in the third phase of the Coupled Model Intercomparison Project (CMIP3). Comparisons with observations and reanalyses indicate that the models from both CMIP3 and CMIP5 perform well in simulating temperature extremes, which are expressed as 20-yr return values. When the climatological annual cycle is removed, the ensemble spread in CMIP5 is smaller than that in CMIP3. Benefitting from a higher resolution, the CMIP5 models perform better at simulating extreme temperatures on the local gridcell scale. The CMIP5 representative concentration pathway (RCP4.5) and CMIP3 B1 experiments project a similar change pattern in the near future for both warm and cold extremes, and the pattern is in agreement with that of the seasonal extremes. By the late twenty-first century, the changes in monthly temperature extremes projected under the three CMIP3 (B1, A1B, and A2) and two CMIP5 (RCP4.5 and RCP8.5) scenarios generally follow the changes in climatological annual cycles, which is consistent with previous studies on daily extremes. Compared with the CMIP3 ensemble, the CMIP5 ensemble shows a larger intermodel uncertainty with regard to the change in cold extremes in snow-covered regions. Enhanced changes in extreme temperatures that exceed the global mean warming are found in regions where the retreat of snow (or the soil moisture feedback effect) plays an important role, confirming the findings for daily temperature extremes.