diff --git a/.gitignore b/.gitignore
index 5ec29864b4..b33bd1dcae 100644
--- a/.gitignore
+++ b/.gitignore
@@ -31,6 +31,7 @@ vendor
 
 # local resources, not to be committed
 local
+config/manager/kustomization.yaml
 
 # test resources
 kubeconfig
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3bb7b0ff7c..220f0e7b38 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,21 @@
 Changes by Version
 ==================
+
+0.50.0
+-------------------
+### 🚀 New components 🚀
+* Add resource attributes to collector sidecar ([#832](https://github.com/open-telemetry/opentelemetry-operator/pull/832), [@rubenvp8510](https://github.com/rubenvp8510))
+* Create serving certs for headless services on OpenShift (#818) ([#824](https://github.com/open-telemetry/opentelemetry-operator/pull/824), [@rkukura](https://github.com/rkukura))
+* [targetallocator] PrometheusOperator CRD MVC ([#653](https://github.com/open-telemetry/opentelemetry-operator/pull/653), [@secustor](https://github.com/secustor))
+### 💡 Enhancements 💡
+* Set replicas to MaxReplicas if HPA is enabled ([#833](https://github.com/open-telemetry/opentelemetry-operator/pull/833), [@binjip978](https://github.com/binjip978))
+* Update sidecar example in README ([#837](https://github.com/open-telemetry/opentelemetry-operator/pull/837), [@erichsueh3](https://github.com/erichsueh3))
+### 🧰 Bug fixes 🧰
+* Fix Default Image Annotations ([#842](https://github.com/open-telemetry/opentelemetry-operator/pull/842), [@goatsthatcode](https://github.com/goatsthatcode))
+* Do not block pod creating on internal error in webhook ([#811](https://github.com/open-telemetry/opentelemetry-operator/pull/811), [@pavolloffay](https://github.com/pavolloffay))
+#### OpenTelemetry Collector and Contrib
+* [OpenTelemetry Collector - v0.50.0](https://github.com/open-telemetry/opentelemetry-collector/releases/tag/v0.50.0)
+* [OpenTelemetry Contrib - v0.50.0](https://github.com/open-telemetry/opentelemetry-collector-contrib/releases/tag/v0.50.0)
 0.49.0
 -------------------
 ### 🚀 New components 🚀
diff --git a/README.md b/README.md
index 6a1cdcd86c..e9b2763ad7 100644
--- a/README.md
+++ b/README.md
@@ -258,6 +258,7 @@ The OpenTelemetry Operator *might* work on versions outside of the given range,
 
 | OpenTelemetry Operator | Kubernetes           | Cert-Manager         |
 |------------------------|----------------------|----------------------|
+| v0.50.0                | v1.19 to v1.23       | 1.6.1                |
 | v0.49.0                | v1.19 to v1.23       | 1.6.1                |
 | v0.48.0                | v1.19 to v1.23       | 1.6.1                |
 | v0.47.0                | v1.19 to v1.23       | 1.6.1                |
@@ -277,7 +278,6 @@ The OpenTelemetry Operator *might* work on versions outside of the given range,
 | v0.35.0                | v1.20 to v1.22       | v1.4.0 to v1.5.4     |
 | v0.34.0                | v1.20 to v1.22       | v1.4.0 to v1.5.4     |
 | v0.33.0                | v1.20 to v1.22       | v1.4.0 to v1.5.4     |
-| v0.32.0 (skipped)      | n/a                  | n/a                  |
 
 ## Contributing and Developing
 
diff --git a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
index 137e73f081..e1f5774455 100644
--- a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
@@ -37,7 +37,7 @@ metadata:
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v3
     repository: github.com/open-telemetry/opentelemetry-operator
     support: OpenTelemetry Community
-  name: opentelemetry-operator.v0.49.0
+  name: opentelemetry-operator.v0.50.0
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -297,7 +297,7 @@ spec:
               - args:
                 - --metrics-addr=127.0.0.1:8080
                 - --enable-leader-election
-                image: ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:0.49.0
+                image: ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:0.50.0
                 livenessProbe:
                   httpGet:
                     path: /healthz
@@ -389,7 +389,7 @@ spec:
   maturity: alpha
   provider:
     name: OpenTelemetry Community
-  version: 0.49.0
+  version: 0.50.0
   webhookdefinitions:
   - admissionReviewVersions:
     - v1
diff --git a/versions.txt b/versions.txt
index 15f214ed97..162fe4bba9 100644
--- a/versions.txt
+++ b/versions.txt
@@ -2,10 +2,10 @@
 # by default with the OpenTelemetry Operator. This would usually be the latest
 # stable OpenTelemetry version. When you update this file, make sure to update the
 # the docs as well.
-opentelemetry-collector=0.49.0
+opentelemetry-collector=0.50.0
 
 # Represents the current release of the OpenTelemetry Operator.
-operator=0.49.0
+operator=0.50.0
 
 # Represents the current release of the Target Allocator.
 targetallocator=0.1.0