It still memorizes ('prepares') spells from a book - it's 'neo-Vancian,' like Vancian, but better (because, y'know, Wizards just weren't OP enough in prior editions). ;PThe 5e Wizard is non-vancian, using the same mechanic that the "spontaneous" 3e Sorcerer used.
5e Wizard is especially non-vancian because there is no need to "memorize" or "prepare" spells if the same spells from the previous day are still useful the next day. A Wizard who loses the spellbook can still keep on casting spells each day. The only time a 5e Wizard "prepares" a spell is if wanting to swap in a different spell. This makes sense from a flavor rationale, and works well for mechanical balance.It still memorizes ('prepares') spells from a book - it's 'neo-Vancian,' like Vancian, but better (because, y'know, Wizards just weren't OP enough in prior editions). ;P