diff --git a/CHANGELOG.md b/CHANGELOG.md
index 27c4bbf..f879bd6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,4 +1,4 @@
-## 0.5.0 (unreleased)
+## 0.5.0 (2023-08-28)
 
 - Added HNSW index type
 - Added support for parallel index builds
diff --git a/META.json b/META.json
index a71d810..67bf783 100644
--- a/META.json
+++ b/META.json
@@ -2,7 +2,7 @@
 	"name": "vector",
 	"abstract": "Open-source vector similarity search for Postgres",
 	"description": "Supports L2 distance, inner product, and cosine distance",
-	"version": "0.4.4",
+	"version": "0.5.0",
 	"maintainer": [
 		"Andrew Kane <andrew@ankane.org>"
 	],
@@ -20,7 +20,7 @@
 		"vector": {
 			"file": "sql/vector.sql",
 			"docfile": "README.md",
-			"version": "0.4.4",
+			"version": "0.5.0",
 			"abstract": "Open-source vector similarity search for Postgres"
 		}
 	},
diff --git a/Makefile b/Makefile
index c4c2fa4..7deff4d 100644
--- a/Makefile
+++ b/Makefile
@@ -1,5 +1,5 @@
 EXTENSION = vector
-EXTVERSION = 0.4.4
+EXTVERSION = 0.5.0
 
 MODULE_big = vector
 DATA = $(wildcard sql/*--*.sql)
diff --git a/Makefile.win b/Makefile.win
index bf69543..90d307b 100644
--- a/Makefile.win
+++ b/Makefile.win
@@ -1,5 +1,5 @@
 EXTENSION = vector
-EXTVERSION = 0.4.4
+EXTVERSION = 0.5.0
 
 OBJS = src\hnsw.obj src\hnswbuild.obj src\hnswinsert.obj src\hnswscan.obj src\hnswutils.obj src\hnswvacuum.obj src\ivfbuild.obj src\ivfflat.obj src\ivfinsert.obj src\ivfkmeans.obj src\ivfscan.obj src\ivfutils.obj src\ivfvacuum.obj src\vector.obj
 HEADERS = src\vector.h
diff --git a/README.md b/README.md
index 5ad3a85..7521832 100644
--- a/README.md
+++ b/README.md
@@ -18,7 +18,7 @@ Compile and install the extension (supports Postgres 11+)
 
 ```sh
 cd /tmp
-git clone --branch v0.4.4 https://github.com/pgvector/pgvector.git
+git clone --branch v0.5.0 https://github.com/pgvector/pgvector.git
 cd pgvector
 make
 make install # may need sudo
@@ -509,7 +509,7 @@ Then use `nmake` to build:
 
 ```cmd
 set "PGROOT=C:\Program Files\PostgreSQL\15"
-git clone --branch v0.4.4 https://github.com/pgvector/pgvector.git
+git clone --branch v0.5.0 https://github.com/pgvector/pgvector.git
 cd pgvector
 nmake /F Makefile.win
 nmake /F Makefile.win install
@@ -530,7 +530,7 @@ This adds pgvector to the [Postgres image](https://hub.docker.com/_/postgres) (r
 You can also build the image manually:
 
 ```sh
-git clone --branch v0.4.4 https://github.com/pgvector/pgvector.git
+git clone --branch v0.5.0 https://github.com/pgvector/pgvector.git
 cd pgvector
 docker build --build-arg PG_MAJOR=15 -t myuser/pgvector .
 ```
diff --git a/vector.control b/vector.control
index fe1f94e..cb4e7aa 100644
--- a/vector.control
+++ b/vector.control
@@ -1,4 +1,4 @@
 comment = 'vector data type and ivfflat access method'
-default_version = '0.4.4'
+default_version = '0.5.0'
 module_pathname = '$libdir/vector'
 relocatable = true