It depends on the state, the organization and the country. In America for the majority of states, it's three five minute rounds for a regular match and five five minute rounds for title fights.
In Japan they use one 10 minute round and one five minute round for regular matches and one 10 minute round and two five minute rounds for titles fights.
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The rounds are timed and are exactly 5 minutes long. Normal fights are 3 rounds of 5 minutes each. Title fights and some main-event fights last 5 rounds of 5 minutes each. This new round based system was implemented only in the past few years. In some of the fights during the early days of UFC, fighters fought continuously for 20 or 30 minutes until a winner was decided.
The length of a bout can vary depending on the organisation but generally (in the UFC for instance) standard matches are 3 x 5 minute rounds. Championship matches are longer, going for 5 x 5 minute rounds.
As an example of a different way of doing things, In Japan the DREAM promotiongoes for 1 x 10 minute round followed by 1 x 5 minute round.
RossC
www.fightofthenight.com
Until someone wins. If you mean a competition match there may be no time limit. It can be based on number of points and the match is over when one of the participants is awarded that number of points. If they are timed, there are usually 2 minute rounds, but the rules can vary from place to place.
there's 3 rounds in regular fights that have 5 minute rounds and in title fights theres 5 rounds of 5 minute rounds