By leveraging the 5G enabled V2X networks, the vehicles connected by cellular base-stations can support a wide variety of computation-intensive services. In order to solve the arisen challenges in endto-end low-latency transmission and backhaul resources, mobile edge computing (MEC) is now regarded as a promising paradigm for 5G-V2X communications. Considering the importance of both reliability and delay in vehicle communication, this article innovatively envisions a joint computation and URLLC resource allocation strategy for collaborative MEC assisted cellular-V2X networks and formulate a jointly power consumption optimization problem while guaranteeing the network stability. To solve this NP hard problem, we decouple it into two sub-problems: URLLC resource allocation for multi-cells to multi-vehicles and computation resource decisions among local vehicle, serving MEC server and collaborative MEC server. Secondly, non-cooperative game and bipartite graph are introduced to reduce the inter-cell interference and decide the channel allocation, which aims to maximize the throughput with a guarantee of reliability in URLLC V2X communication. Then, an online Lyapunov optimization method is proposed to solve computation resource allocation to get a trade-off between the average weighted power consumption and delay where CPU frequency are calculated using Gauss-Seidel method. Finally, the simulation results demonstrate that our proposed strategy can get better trade-off performance among power consumption, overflow probability and execution delay than the one based on centralized MEC assisted V2X. INDEX TERMS Cellular V2X networks, URLLC radio resource management, collaborative mobile edge computing, power optimization, latency and reliability.