diff --git a/doc/source/conf.py b/doc/source/conf.py
index 32f275c..d526ead 100644
--- a/doc/source/conf.py
+++ b/doc/source/conf.py
@@ -57,9 +57,9 @@
 # built documents.
 #
 # The short X.Y version.
-version = u'0.4'
+version = u'0.5'
 # The full version, including alpha/beta/rc tags.
-release = u'0.4.4'
+release = u'0.5.0'
 
 # The language for content autogenerated by Sphinx. Refer to documentation
 # for a list of supported languages.
diff --git a/setup.py b/setup.py
index 90afe1d..f985d5c 100644
--- a/setup.py
+++ b/setup.py
@@ -19,7 +19,7 @@ def install_requirements():
 
 
 setup(name='graphflow',
-      version="0.5.0a2",
+      version="0.5.0",
       description="Algorithms for Graph Flow Analysis",
       long_description="Numerical routines for analyzing data represented by graphs",
       classifiers=[