This study presents an investigation of the orbital period variations of five Algol type binaries, UX Leo, RW Mon, EQ Ori, XZ UMa and AX Vul based on all available minima times. The O-C diagrams of all systems exhibit a periodic variation superimposed on a downward parabolic segment. The mass loss due to magnetic braking effect in the cooler components is assumed to account for the parabolic variation with a downward shape, while it is suggested that the light-time effect (LITE) due to an unseen component around the eclipsing binaries explains the tilted sinusoidal changes in their O-C diagrams. The orbital period decrease rates for the systems are estimated as approximately between about 0.7 and 2.5 s per century. It is clearly seen that mass loss effect is more dominant than the expected mass transfer for classical Algols in this study. The minimum mass of the probable third bodies around the eclipsing pairs was calculated to be <= 0.5 M-circle dot, except for UX Leo, in which it was estimated to be approximately 0.9 M-circle dot. In order to search for third lights in the light curves of five systems, the V-light curves of the systems were analyzed and their physical and photometric parameters were determined. For UX Leo, a significant third light contribution was determined. We found a very small third light that can be tested using multi-color light curves, for RW Mon, EQ On and XZ UMa, while a third light for AX Vul could not be exposed. (C) 2010 Elsevier B.V. All rights reserved.