diff --git a/VERSION b/VERSION
index 60a2d3e96c8..8f0916f768f 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.4.0
\ No newline at end of file
+0.5.0
diff --git a/manifests/gcp_marketplace/chart/kubeflow-pipelines/templates/application.yaml b/manifests/gcp_marketplace/chart/kubeflow-pipelines/templates/application.yaml
index d8aa7ce8c37..271aabaf0d7 100644
--- a/manifests/gcp_marketplace/chart/kubeflow-pipelines/templates/application.yaml
+++ b/manifests/gcp_marketplace/chart/kubeflow-pipelines/templates/application.yaml
@@ -12,7 +12,7 @@ metadata:
 spec:
   descriptor:
     type: Kubeflow Pipelines
-    version: '0.4.0'
+    version: '0.5.0'
     description: |-
       Reusable end-to-end ML workflow
     maintainers:
diff --git a/manifests/gcp_marketplace/schema.yaml b/manifests/gcp_marketplace/schema.yaml
index 10c83034be9..9c89a4c92c1 100644
--- a/manifests/gcp_marketplace/schema.yaml
+++ b/manifests/gcp_marketplace/schema.yaml
@@ -1,10 +1,10 @@
 x-google-marketplace:
   schemaVersion: v2
   applicationApiVersion: v1beta1
-  publishedVersion: '0.4.0'
+  publishedVersion: '0.5.0'
   publishedVersionMetadata:
     releaseNote: >-
-      Based on 0.4.0 version.
+      Based on 0.5.0 version.
     releaseTypes:
       - Feature
     recommended: false
diff --git a/manifests/kustomize/base/params.env b/manifests/kustomize/base/params.env
index 5f9e172ce85..e7421f5f909 100644
--- a/manifests/kustomize/base/params.env
+++ b/manifests/kustomize/base/params.env
@@ -1,6 +1,6 @@
 appName=pipeline
-appVersion=0.4.0
-imageTag=0.4.0
+appVersion=0.5.0
+imageTag=0.5.0
 imagePrefix=gcr.io/ml-pipeline
 dbHost=mysql
 dbPort=3306
diff --git a/sdk/python/kfp/__init__.py b/sdk/python/kfp/__init__.py
index 0baa240291e..7db64e17700 100644
--- a/sdk/python/kfp/__init__.py
+++ b/sdk/python/kfp/__init__.py
@@ -12,7 +12,7 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = '0.4.0'
+__version__ = '0.5.0'
 
 from . import components
 from . import containers
diff --git a/sdk/python/setup.py b/sdk/python/setup.py
index 2323bd32bf0..b8d50b3997a 100644
--- a/sdk/python/setup.py
+++ b/sdk/python/setup.py
@@ -30,7 +30,7 @@
     # kfp-server-api package is released. Update the lower version when there is
     # a breaking change in kfp-server-api, or kfp sdk depends on new api changes
     # in kfp-server-api.
-    'kfp-server-api>=0.2.5, <0.4.0',
+    'kfp-server-api>=0.2.5, <0.6.0',
     'argo-models == 2.2.1a',  #2.2.1a is equivalent to argo 2.2.1
     'jsonschema >= 3.0.1',
     'tabulate',