diff --git a/CHANGELOG.md b/CHANGELOG.md
index c51d0a0fc..e50667baf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,8 @@ This project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.htm
 
 ## [Unreleased]
 
+## [0.5.0] - 2021-07-27
+
 The primary change of this release is updating `go.opentelemetry.io/otel*`
 dependencies to [`v1.0.0-RC2`][otel-v1.0.0-RC2] and
 `go.opentelemetry.io/contrib*` dependencies to [`v0.22.0`][contrib-v0.22.0].
@@ -89,7 +91,8 @@ an impedance mismatch with this duplicate batching.
 - Add [`splunkhttp`](./instrumentation/net/http/splunkhttp) module providing
   additional Splunk specific instrumentation for `net/http`.
 
-[Unreleased]: https://github.com/signalfx/splunk-otel-go/compare/v0.4.0...HEAD
+[Unreleased]: https://github.com/signalfx/splunk-otel-go/compare/v0.5.0...HEAD
+[0.5.0]: https://github.com/signalfx/splunk-otel-go/releases/tag/v0.5.0
 [0.4.0]: https://github.com/signalfx/splunk-otel-go/releases/tag/v0.4.0
 [0.3.0]: https://github.com/signalfx/splunk-otel-go/releases/tag/v0.3.0
 [0.2.0]: https://github.com/signalfx/splunk-otel-go/releases/tag/v0.2.0
diff --git a/version.go b/version.go
index 49d847f5d..5efc13cae 100644
--- a/version.go
+++ b/version.go
@@ -20,5 +20,5 @@ package splunkotel // import "github.com/signalfx/splunk-otel-go"
 
 // Version is the current release version of splunk-otel-go in use.
 func Version() string {
-	return "0.4.0"
+	return "0.5.0"
 }