Felipe V was prone to anxiety and depression, and throughout his reign was ruled by his grandfather, Louis XIV, and his successive wives.
He was highly sexed, not surprising in a young man, but too virtuous to sleep with anyone except his wives, and it was a real problem to him when Marie Louise Gabrielle turned out to be too young to consummate their marriage at once. However, no one could see their way to giving him a religious dispensation to take a mistress! Eventually the waiting came to an end and afterwards, both Marie Louise and Elizabeth Farnese basically used his uxorious nature to keep him by their sides. The whole point of a court was to get access to the king, the dispenser of power and priviledge, and by keeping close to home, the queens ensured that they were heavily involved in government. Felipe and Marie Louise were heavily dependent on the Princesse des Ursins, an older lady of Louis XIV's court who had been sent to Spain to be the chief lady-in-waiting and keep Marie Louise - and hence Felipe - under French influence. Marie Louise in particular was very close to her and found in her a mother substitute. Throughout the fighting with the Austrians, who disputed the French claim to Spain, Felipe and Marie Louise bravely held it together, supported by the Princesse, even when the French started wavering and talking of getting out. There was also a lot of infighting amongst the French and Spanish at the court, as the Spanish courtiers resented the French dominating Felipe.
Sadly, Marie Louise died young, like her sister the Duchesse de Bourgogne, and the Princesse des Ursins had to look around for another wife for Felipe V. She chose Elizabeth Farnese, thinking an Italian with Austrian connections would be amenable to her influence, but the first thing Elizabeth Farnese did when she set foot in Spain was to have the Princesse des Ursins arrested on the pretext of insolence, and then packed off to France. Felipe V behaved in a very weak manner and let this happen - all her previous support went for nothing, as long as his new wife was satisfied. Elizabeth Farnese then established her dominance by never letting Felipe out of her sight except for 20 minutes each day while dressing, with a trusted confidant, who could tell her, or be told, things she didn't want the king to hear. As her own sons weren't in the immediate line of succession, as 2 sons of Marie Louise had survived, she pushed for minor but independent states for them to rule, and managed to get Don Carlos ruler of Naples/Sicily, and Don Felipe to be ruler of Parma. She was generally unpopular, unlike Marie Louise who was much loved.
Felipe abdicated his throne in 1724 in favour of his eldest son Luis, it was thought this was a ploy to enable him to claim the throne of France in case Louis XV died - he was closer to the throne of France than the Orleans family and while Louis XV had no heirs, thought this might pave the way for him to return. However, it was Luis who died, of smallpox, and Felipe re-ascended the throne. He ruled Spain until his death in 1746, although in the end he went into some form of senility or breakdown and wasn't quite all there, becoming dirty and careless of his appearance. He died of apoplexy and was succeeded by his son Fernando, who had no children; Elizabeth's son Carlos eventually came to the throne and is the ancestor of the current royal family as there were no descendents in the 3rd generation of Felipe and Marie Louise.