diff --git a/CHANGELOG.md b/CHANGELOG.md
index fcb2a5f1b0b507aa5b7ec1aac99d0f35d6a37f96..4ac5cc196e60df99c335d76f741b7dcd5b66a8ad 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,8 @@
+# Version 0.5.0 (2020-03-18)
+
+- Upgrades dependencies [#45](https://github.com/paritytech/cargo-contract/pull/45)
+- Update template to ink! 2.0 dependencies [#47](https://github.com/paritytech/cargo-contract/pull/47)
+
 # Version 0.4.1 (2020-02-26)
 
 - Fix: fail the whole build process if the contract build fails.
diff --git a/Cargo.lock b/Cargo.lock
index 3a9b4f9ee733948f672d1c0903baf5d531eececf..a2f2d5ba8f57d53209eefa02d0953888d23efb97 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -262,7 +262,7 @@ dependencies = [
 
 [[package]]
 name = "cargo-contract"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow 1.0.26 (registry+https://github.com/rust-lang/crates.io-index)",
  "assert_matches 1.3.0 (registry+https://github.com/rust-lang/crates.io-index)",
diff --git a/Cargo.toml b/Cargo.toml
index a2cba47c541264cc99391b2fbfc2b9b544c8e0c1..1fcd5a4550abe445c904899f7887e93611590c34 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "cargo-contract"
-version = "0.4.1"
+version = "0.5.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 build = "build.rs"
 edition = "2018"