diff --git a/CHANGELOG.md b/CHANGELOG.md
index a031e561..fc5c4d14 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -34,8 +34,12 @@ To release a new version (e.g. from `1.0.0` -> `2.0.0`):
 
 -->
 
-## [Unreleased]
-- Move away from static GKE version and use RAPID release default.
+## [0.5.0] - 2024-04-19
+- Add support for node pools to call Vertex AI APIs.
+- Remove user-managed service account feature.
+- Add support to dynamically determine GKE version for cluster and node pools.
+- Add support for Pathways expected instances.
+- Set default backoff limit for Pathways workers to 4.
 
 ## [0.4.0] - 2024-04-17
 - Enable Autoprovisioning support.
@@ -82,3 +86,4 @@ To release a new version (e.g. from `1.0.0` -> `2.0.0`):
 [0.2.0]: https://github.com/google/xpk/compare/v0.1.0...v0.2.0
 [0.3.0]: https://github.com/google/xpk/compare/v0.2.0...v0.3.0
 [0.4.0]: https://github.com/google/xpk/compare/v0.3.0...v0.4.0
+[0.5.0]: https://github.com/google/xpk/compare/v0.4.0...v0.5.0
diff --git a/xpk.py b/xpk.py
index 2ddbf4c3..3fd8b8c9 100644
--- a/xpk.py
+++ b/xpk.py
@@ -68,7 +68,7 @@
 default_docker_image = 'python:3.10'
 default_script_dir = os.getcwd()
 # This is the version for XPK PyPI package
-__version__ = '0.4.0'
+__version__ = '0.5.0'
 xpk_current_version = __version__
 
 h100_device_type = 'h100-80gb-8'