diff --git a/.github/workflows/run-tests.yaml b/.github/workflows/run-tests.yaml
index e59926aa..7cd449a1 100644
--- a/.github/workflows/run-tests.yaml
+++ b/.github/workflows/run-tests.yaml
@@ -21,7 +21,7 @@ jobs:
     - name: Generate and install zcbor package
       run: |
         python setup.py bdist_wheel
-        pip install dist/zcbor-0.4.99-py3-none-any.whl
+        pip install dist/zcbor-0.5.0-py3-none-any.whl
         pip uninstall -y zcbor
         pip install -e .
 
diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index 399c8720..8d6bd29b 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -1,4 +1,4 @@
-# zcbor v. 0.4.99
+# zcbor v. 0.5.0
 
 Any new bugs, requests, or missing features should be reported as [Github issues](https://github.com/NordicSemiconductor/zcbor/issues).
 
diff --git a/zcbor/VERSION b/zcbor/VERSION
index 294ffdbe..79a2734b 100644
--- a/zcbor/VERSION
+++ b/zcbor/VERSION
@@ -1 +1 @@
-0.4.99
\ No newline at end of file
+0.5.0
\ No newline at end of file