diff --git a/README.md b/README.md
index 5ac6e7893..1f6602e55 100644
--- a/README.md
+++ b/README.md
@@ -5,7 +5,7 @@ TES3MP
 
 TES3MP is a project aiming to add multiplayer functionality to [OpenMW](https://github.com/OpenMW/openmw), a free and open source recreation of the popular Bethesda Softworks game "The Elder Scrolls III: Morrowind".
 
-* Version: 0.4.2
+* Version: 0.5.0
 * License: GPLv3 (see docs/license/GPL3.txt for more information)
 * Website: https://steamcommunity.com/groups/mwmulti
 
diff --git a/components/openmw-mp/Version.hpp b/components/openmw-mp/Version.hpp
index 3b4d57b7d..99336ef42 100644
--- a/components/openmw-mp/Version.hpp
+++ b/components/openmw-mp/Version.hpp
@@ -5,7 +5,7 @@
 #ifndef OPENMW_VERSION_HPP
 #define OPENMW_VERSION_HPP
 
-#define TES3MP_VERSION "0.4.2"
-#define TES3MP_PROTO_VERSION 5
+#define TES3MP_VERSION "0.5.0"
+#define TES3MP_PROTO_VERSION 6
 
 #endif //OPENMW_VERSION_HPP
diff --git a/tes3mp-changelog.md b/tes3mp-changelog.md
index 71addc6c7..bc9148901 100644
--- a/tes3mp-changelog.md
+++ b/tes3mp-changelog.md
@@ -1,4 +1,4 @@
-0.4.2
+0.5.0
 -----
 
 * Server browser