diff --git a/CHANGELOG.md b/CHANGELOG.md
index c7cfcd238..b8132c63b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,13 @@
+## 0.5.0 / 2014-05-28
+
+* [BUGFIX] Fixed next retrieval time display on status page.
+* [BUGFIX] Updated some variable references in tools subdir.
+* [FEATURE] Added support for scraping metrics via the new text format.
+* [PERFORMANCE] Improved label matcher performance.
+* [PERFORMANCE] Removed JSON indentation in query API, leading to smaller response sizes.
+* [ENHANCEMENT] Added internal check to verify temporal order of streams.
+* [ENHANCEMENT] Some internal refactorings.
+
 ## 0.4.0 / 2014-04-17
 
 * [FEATURE] Vectors and scalars may now be reversed in binary operations (`<scalar> <binop> <vector>`).
diff --git a/VERSION b/VERSION
index 1d0ba9ea1..8f0916f76 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.4.0
+0.5.0