Developed by Ukraine-based 4A Games, the Xbox 360, PS3 and PC sequel was previously scheduled for release in March 2013 under former publisher THQ. However, Deep Silver parent company Koch Media acquired the rights to the series in January for $5.8 million, leading to a change in release plans.
Koch Media CEO Dr. Klemens Kundratitz said: "The new release date is the ideal way to strike the balance between bringing the best out of Metro: Last Light and not keep the fans waiting longer than necessary.
"We won't leave that time unexploited and will work closely together with 4A Games to make the game even better. It will receive all the attention it deserves."
Deep Silver international commercial director Menno van der Bil also said: "We would like to thank all of the Metro fans for their patience. And we can assure them that we have a lot more coming their way with the franchise."
During a recent eyes-on, hands-off demo, we got to see three different sections of Metro: Last Light's post-apocalyptic take on Moscow, which follows on from the events of previous instalment Metro 2033. Get our impressions of the game in this Metro: Last Light preview.
Metro: Last Light release date May 14 - ComputerAndVideoGames.com