v0.5.0
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 377e577..c5e425b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,8 @@
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
 ## [Unreleased]
+
+## [0.5.0] - 2019-11-21
 ### Added
 - Define version and SO-version for shared library
 - Use -DBUILD_SHARED_LIBS=OFF for building a static lib
@@ -251,7 +253,8 @@
 - Constants `AVIF_VERSION`, `AVIF_VERSION_MAJOR`, `AVIF_VERSION_MINOR`, `AVIF_VERSION_PATCH`
 - `avifVersion()` function
 
-[Unreleased]: https://github.com/AOMediaCodec/libavif/compare/v0.4.8...HEAD
+[Unreleased]: https://github.com/AOMediaCodec/libavif/compare/v0.5.0...HEAD
+[0.5.0]: https://github.com/AOMediaCodec/libavif/compare/v0.4.7...v0.5.0
 [0.4.8]: https://github.com/AOMediaCodec/libavif/compare/v0.4.7...v0.4.8
 [0.4.7]: https://github.com/AOMediaCodec/libavif/compare/v0.4.6...v0.4.7
 [0.4.6]: https://github.com/AOMediaCodec/libavif/compare/v0.4.5...v0.4.6
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 5737075..b2a8203 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -2,7 +2,7 @@
 # SPDX-License-Identifier: BSD-2-Clause
 
 cmake_minimum_required(VERSION 3.5)
-project(libavif LANGUAGES C VERSION 0.4.8)
+project(libavif LANGUAGES C VERSION 0.5.0)
 
 # SOVERSION scheme: CURRENT.AGE.REVISION
 #   If there was an incompatible interface change:
diff --git a/include/avif/avif.h b/include/avif/avif.h
index b079ae8..42b9074 100644
--- a/include/avif/avif.h
+++ b/include/avif/avif.h
@@ -15,8 +15,8 @@
 // Constants
 
 #define AVIF_VERSION_MAJOR 0
-#define AVIF_VERSION_MINOR 4
-#define AVIF_VERSION_PATCH 8
+#define AVIF_VERSION_MINOR 5
+#define AVIF_VERSION_PATCH 0
 #define AVIF_VERSION (AVIF_VERSION_MAJOR * 10000) + (AVIF_VERSION_MINOR * 100) + AVIF_VERSION_PATCH
 
 typedef int avifBool;