diff --git a/seaborn/__init__.py b/seaborn/__init__.py
index 27d5e9a11b..66746017e1 100644
--- a/seaborn/__init__.py
+++ b/seaborn/__init__.py
@@ -10,4 +10,4 @@
 from .xkcd_rgb import xkcd_rgb
 set()
 
-__version__ = "0.5.dev"
+__version__ = "0.5.0"
diff --git a/setup.py b/setup.py
index 67d28cce6e..1f904c834b 100644
--- a/setup.py
+++ b/setup.py
@@ -22,7 +22,7 @@
 URL = 'http://stanford.edu/~mwaskom/software/seaborn/'
 LICENSE = 'BSD (3-clause)'
 DOWNLOAD_URL = 'https://github.com/mwaskom/seaborn/'
-VERSION = '0.5.dev'
+VERSION = '0.5.0'
 
 try:
     from setuptools import setup