diff --git a/CHANGELOG.md b/CHANGELOG.md
index a0dba9c..d807893 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,7 +2,7 @@
 
 Please refer to the [official documentation](https://docs.wilfredproject.org/en/latest/development/) for more information about the CHANGELOG and releases.
 
-## next-release
+## v0.5.0 (released on 2020-03-20)
 
 * **Added** [#12](https://github.com/wilfred-dev/wilfred/issues/12) Added support for Windows.
 * **Added** Added new unit tests.
diff --git a/snap/snapcraft.yaml b/snap/snapcraft.yaml
index 9423b46..dba437d 100644
--- a/snap/snapcraft.yaml
+++ b/snap/snapcraft.yaml
@@ -1,6 +1,6 @@
 name: wilfred
 base: core18
-version: git # set version on release ('v0.1.0') and use 'git' during dev
+version: 'v0.5.0' # set version on release ('v0.1.0') and use 'git' during dev
 summary: A CLI for managing game servers using Docker # 79 char long summary
 description: |
   Wilfred is a command-line interface for running game servers locally. It uses Docker to run game servers in containers, which means they are completely separated. Wilfred can run any game that can run in Docker.
diff --git a/wilfred/version.py b/wilfred/version.py
index cb86930..0c59105 100644
--- a/wilfred/version.py
+++ b/wilfred/version.py
@@ -11,6 +11,6 @@
 # use "0.0.0.dev0" to indicate incremental commit build
 # specify version "0.3.0" to indicate standard release
 # "commit_date" should be replaced upon building
-version = "0.0.0.dev0"
+version = "0.5.0"
 commit_hash = "development"
 commit_date = "YYYY-MM-DD"