diff --git a/CHANGELOG.md b/CHANGELOG.md
index d2a8dde87e..75037e753d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,27 @@
 # Changelog
 
+## DLA-Future 0.5.0
+
+### Changes
+
+- Introduced an option (*) for forcing contiguous GPU communication buffers. (#1096)
+- Introduced an option (*) for enabling GPU aware MPI communication. (#1102)
+- Removed special handling of Intel MKL, as it could lead to broken installations. (#1149)
+    - Spack installations: spack will set the correct variables.
+    - Manual installations: the user is responsible to correctly set variables (see [BUILD.md](BUILD.md)).
+
+(*) These options are available as spack variants.
+
+### Performance improvements
+
+- Don't communicate in algorithms when using single rank communicators. (#1097)
+- Fixed slow performance of local version of `bt_band_to_tridiagonal` (#1144)
+
+### Bug fixes
+
+- Implemented a workaround for `hipMemcpyDefault` 2D memcpys, due to bugs in HIP. (#1106)
+- Miniapps initialize HIP before MPI, as on older Cray MPICH versions initializing HIP after MPI leads to HIP not seeing any devices. (#1090)
+
 ## DLA-Future 0.4.1
 
 ### Bug fixes
@@ -20,7 +42,7 @@
 
 ### Bug fixes
 
--  Use `drop_operation_state` to avoid stack overflows. (#1004)
+- Use `drop_operation_state` to avoid stack overflows. (#1004)
 
 ### Notes
 
diff --git a/CITATION.cff b/CITATION.cff
index 582904005e..948ca142d0 100644
--- a/CITATION.cff
+++ b/CITATION.cff
@@ -1,5 +1,5 @@
 cff-version: 1.2.0
-title: DLA-Future 0.4.1
+title: DLA-Future 0.5.0
 message: >-
   If you use this software, please cite it using the
   metadata from this file.
@@ -52,5 +52,5 @@ keywords:
   - "linear algebra"
   - mpi
 license: BSD-3-Clause
-version: 0.4.1
-date-released: '2024-05-10'
+version: 0.5.0
+date-released: '2024-05-31'
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 3100730475..935f427a0e 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -10,7 +10,7 @@
 
 cmake_minimum_required(VERSION 3.22)
 
-project(DLAF VERSION 0.4.1)
+project(DLAF VERSION 0.5.0)
 
 # ---------------------------------------------------------------------------
 # CMake configurations
diff --git a/DOCUMENTATION.md b/DOCUMENTATION.md
index 37d383ebf0..27ba4e1b8a 100644
--- a/DOCUMENTATION.md
+++ b/DOCUMENTATION.md
@@ -3,6 +3,7 @@
 ## API documentation
 
 - [Documentation of `master` branch](https://eth-cscs.github.io/DLA-Future/master/)
+- [Documentation of `v0.5.0`](https://eth-cscs.github.io/DLA-Future/v0.5.0/)
 - [Documentation of `v0.4.1`](https://eth-cscs.github.io/DLA-Future/v0.4.1/)
 - [Documentation of `v0.4.0`](https://eth-cscs.github.io/DLA-Future/v0.4.0/)
 - [Documentation of `v0.3.1`](https://eth-cscs.github.io/DLA-Future/v0.3.1/)
diff --git a/README.md b/README.md
index 69fb37e6aa..30fb914b61 100644
--- a/README.md
+++ b/README.md
@@ -39,7 +39,7 @@ target_link_libraries(<your_target> PRIVATE DLAF::DLAF)
 ### Documentation
 
 - [Documentation of `master` branch](https://eth-cscs.github.io/DLA-Future/master/)
-- [Documentation of `v0.4.1`](https://eth-cscs.github.io/DLA-Future/v0.4.1/)
+- [Documentation of `v0.5.0`](https://eth-cscs.github.io/DLA-Future/v0.5.0/)
 
 See [DOCUMENTATION.md](DOCUMENTATION.md) for the documentation of older versions, or for the instructions to build it.