diff --git a/DESCRIPTION b/DESCRIPTION
index c438d3b43..3e272a210 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: vctrs
 Title: Vector Helpers
-Version: 0.4.2.9000
+Version: 0.5.0
 Authors@R: 
     c(person(given = "Hadley",
              family = "Wickham",
diff --git a/NEWS.md b/NEWS.md
index 6ece9d138..7df5da704 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,4 +1,4 @@
-# vctrs (development version)
+# vctrs 0.5.0
 
 * vctrs is now compliant with `-Wstrict-prototypes` as requested by CRAN
   (#1729).
diff --git a/src/version.c b/src/version.c
index ec627bdac..3927266bc 100644
--- a/src/version.c
+++ b/src/version.c
@@ -1,7 +1,7 @@
 #define R_NO_REMAP
 #include <Rinternals.h>
 
-const char* vctrs_version = "0.4.2.9000";
+const char* vctrs_version = "0.5.0";
 
 /**
  * This file records the expected package version in the shared