In this study, we investigate the anisotropic Bianchi type-V spacetime in the context of Barber’s second self-creation theory (SCT) of gravitation with generalized ghost pilgrim dark energy (GGPDE) and dark matter (DM). We employ the vanishing trace condition of the energy momentum tensor as given by Reddy et al. and the relationship between metric potentials as given by Collins et al. to obtain exact solutions to the field equations. We examine both non-interacting and interacting models (via the coupling term Q = 3 b Hρm). Important cosmological parameters are calculated and discussed in detail, such as Hubble parameter, deceleration parameter, equation of state (EoS) parameter, and kinematical quantities including volume, scalar expansion, shear scalar, and mean anisotropy parameter. The EoS parameter varies with cosmic time: the interacting model shows a phantom behavior (−1.65 ≤ ωDE ≤ −1.35), while the non-interacting model exhibits a quintessence-like behavior (−1 ≤ ωDE ≤ −0.80). In both cases, the deceleration parameter supports an accelerated phase of expansion. The energy conditions are examined and discussed, and the stability analysis confirms classical stability for both models.