I want to create a movie at least 5 minutes long. so its going to be long, but i dont want it to be large in file size, but still retain the quality. What file formats or options do i have to create such large movie file which wont affect the size or the production too much?

any tips would be appreciated.

my goal is to make a movie, 5+ minutes,at a resulotion of 640x480 but still keep the file size at a low.