Mobile video traffic and mobile devices have now outpaced other data traffic and fixed devices. Global service providers are attempting to propose new mobile infrastructures and solutions for high performance of video streaming services, i.e., high quality of experience (QoE) at high resource efficiency. Although device-to-device (D2D) communications has been an emerging technique that is anticipated to provide a massive number of mobile users with advanced services in 5G networks, the management of resource and co-channel interference between D2D pairs, i.e., helper-requester pairs, and cellular users (CUs) is challenging. In this paper, we design an optimal rate allocation and description distribution for high performance video streaming, particularly, achieving high QoE at high energy efficiency while limiting co-channel interference over D2D communications in 5G networks. To this end, we allocate optimal encoding rates to different layers of a video segment and then packetize the video segment into multiple descriptions with embedded forward error correction before transmission. Simultaneously, the optimal numbers of descriptions are distributed to D2D helpers and base stations in a cooperative scheme for transmitting to the D2D requesters. The optimal results are efficiently in correspondence with intrapopularity of different segments of a video characterized by requesters’ behavior, characteristic of lossy wireless channels, channel state information of D2D requesters, and constraints on remaining energy of D2D helpers and target signal to interference plus noise ratio of CUs. Simulation results demonstrate the benefits of our proposed solution in terms of high performance video streaming.