We investigate the Bagger-Lambert-Gustavsson model associated with the Nambu-Poisson algebra as a theory describing a single M5-brane. We argue that the model is a gauge theory associated with the volume-preserving diffeomorphism in the three-dimensional internal space. We derive gauge transformations, actions, supersymmetry transformations, and equations of motions in terms of six-dimensional fields. The equations of motions are written in gauge-covariant form, and the equations for tensor fields have manifest self-dual structure. We demonstrate that the double dimensional reduction of the model reproduces the non-commutative U(1) gauge theory on a D4-brane with a small non-commutativity parameter. We establish relations between parameters in the BLG model and those in M-theory. This shows that the model describes an M5-brane in a large C-field background.