Video generation has emerged as a promising tool for world simulation, leveraging visual data to replicate real-world environments. Within this context, egocentric video generation, which centers on the human perspective, holds significant potential for enhancing applications in virtual reality, augmented reality, and gaming. However, the generation of egocentric videos presents substantial challenges due to the dynamic nature of egocentric viewpoints, the intricate diversity of actions, and the complex variety of scenes encountered. Existing datasets are inadequate for addressing these challenges effectively. To bridge this gap, we present EgoVid-5M, the first high-quality dataset specifically curated for egocentric video generation. EgoVid-5M encompasses 5 million egocentric video clips and is enriched with detailed action annotations, including fine-grained kinematic control and high-level textual descriptions. To ensure the integrity and usability of the dataset, we implement a sophisticated data cleaning pipeline designed to maintain frame consistency, action coherence, and motion smoothness under egocentric conditions. Furthermore, we introduce EgoDreamer, which is capable of generating egocentric videos driven simultaneously by action descriptions and kinematic control signals. The EgoVid-5M dataset, associated action annotations, and all data cleansing metadata will be released for the advancement of research in egocentric video generation.