diff --git a/Makefile b/Makefile
index 0b57bab9..6953a720 100644
--- a/Makefile
+++ b/Makefile
@@ -17,7 +17,7 @@ REPO_PATH="github.com/kubeflow/mpi-operator"
 REL_OSARCH="linux/amd64"
 GitSHA=$(shell git rev-parse HEAD)
 Date=$(shell date "+%Y-%m-%d %H:%M:%S")
-RELEASE_VERSION?=v0.4.0
+RELEASE_VERSION?=v0.5.0
 CONTROLLER_VERSION?=v2
 BASE_IMAGE_SSH_PORT?=2222
 IMG_BUILDER=docker
diff --git a/README.md b/README.md
index aebc0636..97291ec6 100644
--- a/README.md
+++ b/README.md
@@ -18,7 +18,7 @@ kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-op
 - Release Version
 
 ```shell
-kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-operator/v0.4.0/deploy/v2beta1/mpi-operator.yaml
+kubectl apply --server-side -f https://raw.githubusercontent.com/kubeflow/mpi-operator/v0.5.0/deploy/v2beta1/mpi-operator.yaml
 ```
 
 Alternatively, follow the [getting started guide](https://www.kubeflow.org/docs/started/getting-started/) to deploy Kubeflow.
diff --git a/RELEASE.md b/RELEASE.md
index fc9ecab3..b39f85a5 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -1,5 +1,18 @@
 # MPI Operator Releases
 
+## Release v0.5.0
+* Features:
+  * Add support for MPICH (#562, @sheevy)
+  * Field runLauncherAsWorker allows to add the launcher pod into the hostfile as a worker (#612, @kuizhiqing)
+  * Add PodGroup minResources calculation for volcano integration (#566, @lowang-bh)
+* Bug fixes:
+  * Fix panic when using PodGroups and PriorityClasses (#561, @tenzen-y)
+  * Fix installation of mpijob Python module (#579, @vsoch)
+  * Fix hostfile when jobs in different namespaces have the same name (#622, @kuizhiqing)
+* Clean ups:
+  * Upgrade k8s libraries to v1.29 (#633, @tenzen-y)
+  * Fail the mpi-operator binary if access to API is denied (#619, @emsixteeen)
+
 ## Release v0.4.0
 * Breaking changes
   * Removed v1 operator. If you want to use MPIJob v1, you can use the training-operator.