diff --git a/setup.py b/setup.py
index 908dd3fa..932bcd55 100644
--- a/setup.py
+++ b/setup.py
@@ -211,7 +211,7 @@ install_requires = [
 
 setup(
     name="diffusers",
-    version="0.5.0.dev0",  # expected format is one of x.y.z.dev0, or x.y.z.rc1 or x.y.z (no to dashes, yes to dots)
+    version="0.5.0",  # expected format is one of x.y.z.dev0, or x.y.z.rc1 or x.y.z (no to dashes, yes to dots)
     description="Diffusers",
     long_description=open("README.md", "r", encoding="utf-8").read(),
     long_description_content_type="text/markdown",
diff --git a/src/diffusers/__init__.py b/src/diffusers/__init__.py
index ccb1f7e1..34ae6004 100644
--- a/src/diffusers/__init__.py
+++ b/src/diffusers/__init__.py
@@ -9,7 +9,7 @@ from .utils import (
 )
 
 
-__version__ = "0.5.0.dev0"
+__version__ = "0.5.0"
 
 from .configuration_utils import ConfigMixin
 from .onnx_utils import OnnxRuntimeModel