Yes, it does have parental controls.

Parental controls is a feature where you can limit what you can do on electronics.

With parental controls, you can limit what you can look at online and also monitor who's doing what.

cod 5 W@W is has not got parental controls but you can set parental controls in the settings menu by pressing the PS button[ps3] or go to the dashboard[xbox]

Absolutely ! parental controls on a computer - prevents minors from accessing sites that may be harmful or illegal !