diff --git a/data/linux/debian/changelog b/data/linux/debian/changelog
index 5e60981b..736bfee2 100644
--- a/data/linux/debian/changelog
+++ b/data/linux/debian/changelog
@@ -1,3 +1,24 @@
+mitsuba (0.4.5-1) unstable; urgency=low
+  * Mitsuba can now perform renderings of images with multiple channels
+    (e.g. a path traced rendering plus surface normals and depth). All
+    channels are rendered in one pass and written to a multi-channel EXR file.
+  * Anton Kaplanyan contributed mtsgui GUI usability tweaks and several
+    MLT-related robustness improvements
+  * Greatly improved Python integration, nice interaction with PyQt and NumPy,
+    Python 3.3. support on all platforms
+  * The 'mfilm' plugin now supports writing binary NumPy files (Joe Kider)
+  * Switch tabs in the gui using Alt+Left/Right keys
+  * Ask whether to stop long-running rendering processes when dragging the
+    mouse in the GUI
+  * Windows 8 compatibility
+  * CMake build system working again (Edgar Velázquez-Armendáriz)
+  * Statistics are now automatically reset between renderings
+  * mtssrv robustness improvements on OSX
+  * The 'thindielectric' plugin still computed incorrect results in some
+    situations, which is now fixed
+  * Added a new 'default' XML tag
+ -- Wenzel Jakob <wenzel@cs.cornell.edu>  Tue, 25 Feb 2014 00:00:00 -0400
+
 mitsuba (0.4.5-1) unstable; urgency=low
   * New height field intersection shape
   * kd-tree precision improvements when rendering in double precision
diff --git a/data/linux/fedora/mitsuba.spec b/data/linux/fedora/mitsuba.spec
index 436e8a05..1ba91326 100644
--- a/data/linux/fedora/mitsuba.spec
+++ b/data/linux/fedora/mitsuba.spec
@@ -1,5 +1,5 @@
 Name:		mitsuba
-Version:	0.4.5
+Version:	0.5.0
 Release:	1%{?dist}
 Summary:	Mitsuba renderer
 Group:		Applications/Graphics
@@ -66,6 +66,9 @@ rm -rf $RPM_BUILD_ROOT
 /usr/include/*
 %changelog
 
+* Tue Feb 25 2014 Wenzel Jakob <wenzel@cs.cornell.edu> 0.5.0%{?dist}
+- Upgrade to version 0.5.0
+
 * Sun Nov 10 2013 Wenzel Jakob <wenzel@cs.cornell.edu> 0.4.5%{?dist}
 - Upgrade to version 0.4.5
 
diff --git a/doc/main.tex b/doc/main.tex
index 6fdf7be6..1cc4419f 100644
--- a/doc/main.tex
+++ b/doc/main.tex
@@ -40,8 +40,8 @@
 \setcounter{secnumdepth}{3}
 \setcounter{tocdepth}{3}
 
-\newcommand{\MitsubaVersion}{0.4.5}
-\newcommand{\MitsubaYear}{2013}
+\newcommand{\MitsubaVersion}{0.5.0}
+\newcommand{\MitsubaYear}{2014}
 
 \typearea[current]{last}
 \raggedbottom
diff --git a/include/mitsuba/core/version.h b/include/mitsuba/core/version.h
index 80820b80..11e9381f 100644
--- a/include/mitsuba/core/version.h
+++ b/include/mitsuba/core/version.h
@@ -26,13 +26,13 @@ MTS_NAMESPACE_BEGIN
  * \brief Current release of Mitsuba
  * \ingroup libcore
  */
-#define MTS_VERSION "0.4.5"
+#define MTS_VERSION "0.5.0"
 
 /**
  * \brief Year of the current release
  * \ingroup libcore
  */
-#define MTS_YEAR "2013"
+#define MTS_YEAR "2014"
 
 /**
  * \brief A simple data structure for representing and