diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 18dabb0..131e05d 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,7 +1,7 @@
 [bumpversion]
 commit = True
 tag = True
-current_version = 0.5.0-dev
+current_version = 0.5.0
 parse = (?P<major>\d+)\.(?P<minor>\d+)\.(?P<patch>\d+)(\-(?P<release>[a-z]+))?
 serialize = 
 	{major}.{minor}.{patch}-{release}
diff --git a/README.rst b/README.rst
index ffdbcc9..a2ae6e6 100644
--- a/README.rst
+++ b/README.rst
@@ -313,6 +313,8 @@ Changes
 
 **unreleased**
 
+**v0.5.0**
+
 This is a major one, containing two larger features, that require some changes
 in the configuration format. This release is fully backwards compatible to
 *v0.4.1*, however deprecates two uses that will be removed in a future version.
diff --git a/bumpversion/__init__.py b/bumpversion/__init__.py
index d270e38..57c3c64 100644
--- a/bumpversion/__init__.py
+++ b/bumpversion/__init__.py
@@ -31,7 +31,7 @@
 if sys.version_info[0] == 2:
     sys.stdout = codecs.getwriter('utf-8')(sys.stdout)
 
-__VERSION__ = '0.5.0-dev'
+__VERSION__ = '0.5.0'
 
 DESCRIPTION = 'bumpversion: v{} (using Python v{})'.format(
     __VERSION__,
diff --git a/setup.py b/setup.py
index a0d6aa1..374dde9 100644
--- a/setup.py
+++ b/setup.py
@@ -4,7 +4,7 @@
 
 setup(
     name='bumpversion',
-    version='0.5.0-dev',
+    version='0.5.0',
     url='https://github.com/peritus/bumpversion',
     author='Filip Noetzel',
     author_email='filip+bumpversion@j03.de',