diff --git a/CHANGELOG.md b/CHANGELOG.md
index a5381e9..1effbad 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,13 @@
 
 ## [Unreleased]
 
+## [0.5.0] - 2023-08-26
+
+### Added
+* Lazy version of `or`:`Option.or(() -> Option<T>)` (Chris Myers)
+
+### Changed
+* Deprecated `Option.or(Option)` in favour of `Option.or(() -> Option<T>)` (Chris Myers)
 
 ## [0.4.0] - 2023-07-26
 
diff --git a/gradle.properties b/gradle.properties
index 4652f4e..8310193 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,5 +1,5 @@
 GROUP=app.cash.quiver
-VERSION_NAME=0.5.0-SNAPSHOT
+VERSION_NAME=0.5.0
 POM_URL=https://github.com/cashapp/quiver/
 POM_SCM_URL=https://github.com/cashapp/quiver/
 POM_SCM_CONNECTION=scm:git:git://github.com/cashapp/quiver.git