diff --git a/DESCRIPTION b/DESCRIPTION
index 0e22fe5f7..626af378e 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,5 +1,5 @@
 Package: pak
-Version: 0.4.0.9999
+Version: 0.5.0
 Title: Another Approach to Package Installation
 Description: The goal of 'pak' is to make package installation faster and
     more reliable. In particular, it performs all HTTP operations in parallel,
diff --git a/NEWS.md b/NEWS.md
index 7a90e5474..c3255520f 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,4 +1,4 @@
-# pak (development version)
+# pak 0.5.0
 
 * The `meta_*()` functions now consider the `platforms`, `cran_mirror` and
   `r_versions` config entries, see `?"pak-config"`.