1. I am using stm32f205.
2. MCU is powered by 3.3V.
3. Another ic pin is driven by 5V logic or (Vih = 0.7*VDD = 3.5V)
4. Can I set pin of STM32F2 as open drain & connect 5V by pull up to it.
5. Datasheet of MCU says that they are not true open drain pins.

 

The IC that is powered from 5V may be able to accept a 3.3V logic input.

 

The words of your post do not quite convey enough information. I can tell you this.
An open drain pin is supposed to be an output. It is actually designed to be connected to other open drain outputs. This means that any one of them can pull low, but all of them have to agrree for it to be a 1.
I think what you are looking for is a 5V tolerant input. If the processor doesn't provide it then you need to.

 

Datasheet of MCU says that they are not true open drain pins.

What does the datasheet say about the maximum voltage an input pin can handle? Does the MCU have input protection diodes to clamp any voltage above its supply voltage (3.3V)?

 

@Papabravo , I have to drive CS/enable pin of other IC which is 5V & its Vih = 0.7*5 = 3.5V.
MCU at 3.3V.

 

@Papabravo , I have to drive CS/enable pin of other IC which is 5V & its Vih = 0.7*5 = 3.5V.
MCU at 3.3V.

I recommend you use a single gate chip which has a Vcc of +5V, and TTL input thresholds of 0.8V input low(max) and 2.4V input high (min)
http://www.onsemi.com/pub_link/Collateral/MC74VHC1GT50-D.PDF

 

@Vindhyachal: what you describe (pull up to 5V) is an acceptable way to make a low to medium speed transition. The speed is limited as you only have a fixed resistor to supply current. A chip select can usually be run slow enough to make it work, you do want to check this on the breadboard with a scope.

So as long as the open drain output on the STM device can handle 5V (tolerant) this should work for you.