diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7493124f5..0f745062d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,7 +4,7 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
-## Unreleased
+## [0.5.0] - 2023-09-04
 
 ### Added
 
diff --git a/README.md b/README.md
index cf54456fd..0d7772f38 100644
--- a/README.md
+++ b/README.md
@@ -9,7 +9,7 @@
 
 **LATEST RELEASE: You are currently on the main branch which tracks
 under-development progress towards the next release. The current release is
-an alpha version, [0.4.0](https://github.com/NVIDIA/NeMo-Guardrails/tree/v0.4.0)**.
+an alpha version, [0.5.0](https://github.com/NVIDIA/NeMo-Guardrails/tree/v0.5.0)**.
 
 > **DISCLAIMER**: The alpha release is undergoing active development and may be subject to changes and improvements, which could potentially cause instability and unexpected behavior. We currently do not recommend deploying this alpha version in a production setting. We appreciate your understanding and contribution during this stage. Your support and feedback is invaluable as we advance toward creating a robust, ready-for-production LLM guardrails toolkit.
 
diff --git a/setup.py b/setup.py
index 2a2ef4f3e..d59718383 100644
--- a/setup.py
+++ b/setup.py
@@ -20,7 +20,7 @@
 
 setup(
     name="nemoguardrails",
-    version="0.4.0",
+    version="0.5.0",
     packages=find_packages(),
     author="NVIDIA",
     author_email="nemoguardrails@nvidia.com",