diff --git a/CHANGELOG/CHANGELOG-0.5.md b/CHANGELOG/CHANGELOG-0.5.md
index bfe3de6fb7..138aab4ebb 100644
--- a/CHANGELOG/CHANGELOG-0.5.md
+++ b/CHANGELOG/CHANGELOG-0.5.md
@@ -1,3 +1,14 @@
+## v0.5.1
+
+Changes since `v0.5.0`:
+
+### Bug or Regression
+
+- Fix client-go libraries bug that can not operate clusterScoped resources like ClusterQueue and ResourceFlavor. (#1294, @tenzen-y)
+- Fixed fungiblity policy `whenCanPreempt: Preempt`. The admission should happen in the flavor for which preemptions were issued. (#1332, @alculquicondor)
+- Fix a bug that plain pods managed by kueue will remain a terminating condition forever. (#1342, @tenzen-y)
+- Fix fungibility policy `Preempt` where it was not able to utilize the next flavor if preemption was not possible. (#1366, @alculquicondor, @KunWuLuan)
+
 ## v0.5.0
 
 Changes since `v0.4.0`:
diff --git a/README.md b/README.md
index 560a273add..b957c12452 100644
--- a/README.md
+++ b/README.md
@@ -44,7 +44,7 @@ Read the [overview](https://kueue.sigs.k8s.io/docs/overview/) to learn more.
 To install the latest release of Kueue in your cluster, run the following command:
 
 ```shell
-kubectl apply -f https://github.com/kubernetes-sigs/kueue/releases/download/v0.5.0/manifests.yaml
+kubectl apply -f https://github.com/kubernetes-sigs/kueue/releases/download/v0.5.1/manifests.yaml
 ```
 
 The controller runs in the `kueue-system` namespace.
diff --git a/charts/kueue/Chart.yaml b/charts/kueue/Chart.yaml
index 175a8911dd..fcd71d9c2f 100644
--- a/charts/kueue/Chart.yaml
+++ b/charts/kueue/Chart.yaml
@@ -18,4 +18,4 @@ version: 0.1.0
 # incremented each time you make changes to the application. Versions are not expected to
 # follow Semantic Versioning. They should reflect the version the application is using.
 # It is recommended to use it with quotes.
-appVersion: "0.5.0"
+appVersion: "0.5.1"