diff --git a/CMakeLists.txt b/CMakeLists.txt
index 7baa10ba7c3..9fd0c33438d 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -55,7 +55,7 @@ endif()
 # This must be consistent with the release_version in
 # android/build.gradle and npm/package.json
 project(Hermes
-        VERSION 0.4.0
+        VERSION 0.5.0
         LANGUAGES C CXX)
 # Optional suffix like "-rc3"
 set(VERSION_SUFFIX "")
diff --git a/android/build.gradle b/android/build.gradle
index fae34deb537..d32ce88c534 100644
--- a/android/build.gradle
+++ b/android/build.gradle
@@ -7,7 +7,7 @@
 
 // This must be consistent with the release_version in npm/package.json
 // and the HERMES_RELEASE_VERSION in CMakeLists.txt
-def release_version = "0.4.0"
+def release_version = "0.5.0"
 
 buildscript {
   ext {
diff --git a/npm/package.json b/npm/package.json
index 79e1f6d6729..e687c055746 100644
--- a/npm/package.json
+++ b/npm/package.json
@@ -1,5 +1,5 @@
 {
-  "version": "0.4.0",
+  "version": "0.5.0",
   "scripts": {
     "unpack-builds": "node unpack-builds.js",
     "unpack-builds-dev": "node unpack-builds.js --dev",