In this manuscript, our main focus is to investigate the existence and stability of the libration points in the axisymmetric restricted five-body problem (R5BP) in which the mass of the fifth particle varies with respect to time as per Jeans' law. It has been assumed that the four bodies with masses mi,i = 1,2,...,4 (with m3 = m4 = m̃) form an axisymmetric convex configuration. The equations of motion of the test particle moving under the gravitational influence of the four primaries, have been presented, which are different from the axisymmetric R5BP with constant mass under this configuration. Further, we have determined the in-plane and out-of-plane libration points along with their linear stability. Further, we have drawn the regions of possible motion where the fifth body can move freely. Furthermore, it is observed that the existence of these libration points depends not only on the angle parameters 𝜶 and β but also on the parameters occur due to variation in mass namely γ(0 < γ ≤ 1) and 𝝈 (0 < 𝝈 ≤ 2.2, a proportionality constant occurs in Jeans' law). Moreover, the multivariate version of the Newton-Raphson (NR) iterative scheme is applied in an attempt to unveil the analysis of the basins of convergence (BoC) linked with the libration points as function of 𝝈. Furthermore, in order to measure the uncertainty of the basins, the basin entropy is also determined. It is also revealed that the domains of the basins of convergence (DoBoC) are also related with the required number of iterations and also with the corresponding probability distributions.