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 pins marked as 5 Volt tolerant (FT) should be able to act as an open drain connected to a 5 Volt rail. As long as you use an external pullup (as opposed to the internal weak pullup), and keep the current limited you should be fine.