diff --git a/CHANGELOG.md b/CHANGELOG.md
index 893d337c2369..ff5aec1d8319 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,85 @@
 # Changelog
 
+## 0.5.0
+
+Since the launch of Python version, project, and tool management capabilities back in August, we've seen extraordinary adoption of uv. We've been iterating rapidly since then: adding new features, fixing bugs, and improving the user experience. Despite moving quickly, stability and compatibility has been a major focus — we've made thirty releases since our last breaking change. Consequently, we've accumulated various changes that improve correctness and user experience, but could break some workflows. This release contains those changes; many have been marked as breaking out of an abundance of caution. We expect most users to be able to upgrade without making changes.
+
+### Breaking
+
+- **Use base executable to set virtualenv Python path** ([#8481](https://github.com/astral-sh/uv/pull/8481))
+
+  Previously, uv canonicalized the path to the Python executable when setting the Python path in created virtual environments. This behavior had several undesirable effects: it would bypass stabilized version directories (as constructed by Homebrew) and it was not consistent with the Python standard library's behavior. Now, uv uses the `sys._base_executable` path.
+
+- **Use XDG (i.e. `~/.local/bin`) instead of the Cargo home directory in the installer** ([#8420](https://github.com/astral-sh/uv/pull/8420))
+
+  Previously, uv's installer used `$CARGO_HOME` or `~/.cargo/bin` for its target install directory. It's been a longstanding complaint that uv uses this directory, as there's no relationship to Cargo. Now, uv will be installed into `$XDG_BIN_HOME`, `$XDG_DATA_HOME/../bin`, or `~/.local/bin` (in that order). Note that `$UV_INSTALL_DIR` can always be used to override the target directory.
+
+- **Discover and respect `.python-version` files in parent directories** ([#6370](https://github.com/astral-sh/uv/pull/6370))
+
+  Previously, uv only read `.python-version` files from the working directory. Now, uv will check parent directories for `.python-version` files; however uv will not search for `.python-version` files beyond project boundaries. The new behavior is better aligned with that of `pyenv` and Rye.
+
+- **Error when disallowed settings are defined in `uv.toml`** ([#8550](https://github.com/astral-sh/uv/pull/8550))
+
+  Some settings can only be defined in the `pyproject.toml`. Previously, uv would ignore these settings when present in the `uv.toml`. Now, uv will error to avoid confusion about why the settings are not respeced.
+
+- **Implement PEP 440-compliant local version semantics** ([#8797](https://github.com/astral-sh/uv/pull/8797))
+
+  Previously, uv's implementation of local versions (e.g. `2.0+cpu`) was not compliant with the specification due to the technical complexity of implementing the local version semantics in the PubGrub algorithm. Thanks to the work of @ericmarkmartin, uv now has a spec-compliant implementation. Namely, uv will now allow a request for `torch==2.1.0` to install `torch@2.1.0+cpu` regardless of whether `torch@2.1.0` (without a local tag) actually exists.
+
+- **Treat the base Conda environment as a system environment** ([#7691](https://github.com/astral-sh/uv/pull/7691))
+
+  Previously, uv would not distinguish between the base and other Conda environments. Now, uv uses `CONDA_DEFAULT_ENV` and the names `base` and `default` to determine if an environment active via `CONDA_PREFIX` is the base environment. If the base environment is active, the `--system` flag must be used to mutate it.
+
+- **Do not allow pre-releases when the `!=` operator is used** ([#7974](https://github.com/astral-sh/uv/pull/7974))
+
+  Previously, uv would use the presence of a pre-release specifier in a version specifier as an opt-in to allow pre-release versions during resolution. The new behavior does not allow pre-releases when an inequals operator is used, e.g., `!= 2.0a1`.
+
+- **Prefer `USERPROFILE` over `FOLDERID_Profile` when selecting a home directory on Windows** ([#8048](https://github.com/astral-sh/uv/pull/8048))
+
+  This change is a side-effect of switching from the `directories` crate to `etcetera` for determining canonical system paths. If `USERPROFILE` is not set, the behavior will be unchanged.
+
+- **Improve interactions between color environment variables and CLI options** ([#8215](https://github.com/astral-sh/uv/pull/8215))
+
+  Previously, uv would respect the `FORCE_COLOR` and `NO_COLOR` environment variables over the `--color` flag. Now, when the `--color` flag is explicitly provided, uv will respect it over the environment variables.
+
+- **Make `allow-insecure-host` a global option** ([#8476](https://github.com/astral-sh/uv/pull/8476))
+
+  Previously, this option was only available in some parts of uv. Now, `--allow-insecure-host` can be provided to any command. For consistency, the `allow-insecure-host` setting has been removed from the `[tool.uv.pip]` configuration in favor of `[tool.uv]`.
+
+- **Only write `.python-version` files during `uv init` for workspace members if the version differs** ([#8897](https://github.com/astral-sh/uv/pull/8897))
+
+  Previously, uv would create a `.python-version` file for workspace members during `uv init`. Now, uv will only do so if the version differs from the `.python-version` file in the workspace root since uv will respect `.python-version` files in parent directories.
+
+### Enhancements
+
+- Add `uv tree --outdated` ([#8893](https://github.com/astral-sh/uv/pull/8893))
+- Add armv8l alias for armv7l to support arm 32-bit compatibility mode ([#8881](https://github.com/astral-sh/uv/pull/8881))
+- Add support for `pip list --outdated` ([#8872](https://github.com/astral-sh/uv/pull/8872))
+- Allow semicolons directly after direct URLs ([#8836](https://github.com/astral-sh/uv/pull/8836))
+- Enable support for arbitrary git transports ([#8769](https://github.com/astral-sh/uv/pull/8769))
+- Improve Python discovery source messages ([#8890](https://github.com/astral-sh/uv/pull/8890))
+- Show dedicated error for trailing `;` on URL and path requirements ([#8835](https://github.com/astral-sh/uv/pull/8835))
+- Add progress bar for `uv cache clean` ([#8857](https://github.com/astral-sh/uv/pull/8857))
+- Warn on failure to query system configuration file ([#8829](https://github.com/astral-sh/uv/pull/8829))
+
+### Preview features
+
+- Add support for building basic source distributions with the experimental uv build backend ([#8886](https://github.com/astral-sh/uv/pull/8886))
+
+### Bug fixes
+
+- Respect dynamic version updates in `uv lock` ([#8867](https://github.com/astral-sh/uv/pull/8867))
+- Respect fork markers in `--resolution-mode=lowest-direct` ([#8839](https://github.com/astral-sh/uv/pull/8839))
+
+### Documentation
+
+- Add further examples of git+https support ([#8841](https://github.com/astral-sh/uv/pull/8841))
+- Add installer variables to environment reference ([#8874](https://github.com/astral-sh/uv/pull/8874))
+- Add note on private classifier ([#8783](https://github.com/astral-sh/uv/pull/8783))
+- Update pip-and-uv strictness example ([#8822](https://github.com/astral-sh/uv/pull/8822))
+- Fix `uv python install` docs to use an existing PyPy version ([#8845](https://github.com/astral-sh/uv/pull/8845))
+- Document how to mimic `--verbose` with `RUST_LOG` ([#8858](https://github.com/astral-sh/uv/pull/8858))
+
 ## 0.4.30
 
 ### Enhancements
diff --git a/Cargo.lock b/Cargo.lock
index 33d0b992f487..55802dedd101 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4174,7 +4174,7 @@ checksum = "f8c5f0a0af699448548ad1a2fbf920fb4bee257eae39953ba95cb84891a0446a"
 
 [[package]]
 name = "uv"
-version = "0.4.30"
+version = "0.5.0"
 dependencies = [
  "anstream",
  "anyhow",
@@ -5342,7 +5342,7 @@ dependencies = [
 
 [[package]]
 name = "uv-version"
-version = "0.4.30"
+version = "0.5.0"
 
 [[package]]
 name = "uv-virtualenv"
diff --git a/crates/uv-version/Cargo.toml b/crates/uv-version/Cargo.toml
index 4ce59e07676c..7dd4ec6db2c6 100644
--- a/crates/uv-version/Cargo.toml
+++ b/crates/uv-version/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "uv-version"
-version = "0.4.30"
+version = "0.5.0"
 edition = { workspace = true }
 rust-version = { workspace = true }
 homepage = { workspace = true }
diff --git a/crates/uv/Cargo.toml b/crates/uv/Cargo.toml
index 988ffd138c7a..b930238b32f0 100644
--- a/crates/uv/Cargo.toml
+++ b/crates/uv/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "uv"
-version = "0.4.30"
+version = "0.5.0"
 edition = { workspace = true }
 rust-version = { workspace = true }
 homepage = { workspace = true }
diff --git a/docs/getting-started/installation.md b/docs/getting-started/installation.md
index ff0481bc1683..1118b5d17dd1 100644
--- a/docs/getting-started/installation.md
+++ b/docs/getting-started/installation.md
@@ -25,13 +25,13 @@ Request a specific version by including it in the URL:
 === "macOS and Linux"
 
     ```console
-    $ curl -LsSf https://astral.sh/uv/0.4.6/install.sh | sh
+    $ curl -LsSf https://astral.sh/uv/0.5.0/install.sh | sh
     ```
 
 === "Windows"
 
     ```console
-    $ powershell -ExecutionPolicy ByPass -c "irm https://astral.sh/uv/0.4.6/install.ps1 | iex"
+    $ powershell -ExecutionPolicy ByPass -c "irm https://astral.sh/uv/0.5.0/install.ps1 | iex"
     ```
 
 !!! tip
diff --git a/docs/guides/integration/docker.md b/docs/guides/integration/docker.md
index 00ef9d400270..8ef0d6092e75 100644
--- a/docs/guides/integration/docker.md
+++ b/docs/guides/integration/docker.md
@@ -21,8 +21,8 @@ $ docker run ghcr.io/astral-sh/uv --help
 uv provides a distroless Docker image including the `uv` binary. The following tags are published:
 
 - `ghcr.io/astral-sh/uv:latest`
-- `ghcr.io/astral-sh/uv:{major}.{minor}.{patch}`, e.g., `ghcr.io/astral-sh/uv:0.4.30`
-- `ghcr.io/astral-sh/uv:{major}.{minor}`, e.g., `ghcr.io/astral-sh/uv:0.4` (the latest patch
+- `ghcr.io/astral-sh/uv:{major}.{minor}.{patch}`, e.g., `ghcr.io/astral-sh/uv:0.5.0`
+- `ghcr.io/astral-sh/uv:{major}.{minor}`, e.g., `ghcr.io/astral-sh/uv:0.5` (the latest patch
   version)
 
 In addition, uv publishes the following images:
@@ -62,7 +62,7 @@ In addition, uv publishes the following images:
 
 As with the distroless image, each image is published with uv version tags as
 `ghcr.io/astral-sh/uv:{major}.{minor}.{patch}-{base}` and
-`ghcr.io/astral-sh/uv:{major}.{minor}-{base}`, e.g., `ghcr.io/astral-sh/uv:0.4.30-alpine`.
+`ghcr.io/astral-sh/uv:{major}.{minor}-{base}`, e.g., `ghcr.io/astral-sh/uv:0.5.0-alpine`.
 
 For more details, see the [GitHub Container](https://github.com/astral-sh/uv/pkgs/container/uv)
 page.
@@ -100,13 +100,13 @@ Note this requires `curl` to be available.
 In either case, it is best practice to pin to a specific uv version, e.g., with:
 
 ```dockerfile
-COPY --from=ghcr.io/astral-sh/uv:0.4.30 /uv /uvx /bin/
+COPY --from=ghcr.io/astral-sh/uv:0.5.0 /uv /uvx /bin/
 ```
 
 Or, with the installer:
 
 ```dockerfile
-ADD https://astral.sh/uv/0.4.30/install.sh /uv-installer.sh
+ADD https://astral.sh/uv/0.5.0/install.sh /uv-installer.sh
 ```
 
 ### Installing a project
diff --git a/docs/guides/integration/github.md b/docs/guides/integration/github.md
index e77b99a952bb..c97978692a1b 100644
--- a/docs/guides/integration/github.md
+++ b/docs/guides/integration/github.md
@@ -40,7 +40,7 @@ jobs:
         uses: astral-sh/setup-uv@v3
         with:
           # Install a specific version of uv.
-          version: "0.4.30"
+          version: "0.5.0"
 ```
 
 ## Setting up Python
diff --git a/docs/guides/integration/gitlab.md b/docs/guides/integration/gitlab.md
index 26f19bace0d6..5f4e5af0a9f5 100644
--- a/docs/guides/integration/gitlab.md
+++ b/docs/guides/integration/gitlab.md
@@ -7,7 +7,7 @@ Select a variant that is suitable for your workflow.
 
 ```yaml title="gitlab-ci.yml"
 variables:
-  UV_VERSION: 0.4
+  UV_VERSION: 0.5
   PYTHON_VERSION: 3.12
   BASE_LAYER: bookworm-slim
 
diff --git a/docs/guides/integration/pre-commit.md b/docs/guides/integration/pre-commit.md
index 9c38ff0fef4e..bced2568ec67 100644
--- a/docs/guides/integration/pre-commit.md
+++ b/docs/guides/integration/pre-commit.md
@@ -8,7 +8,7 @@ To compile requirements via pre-commit, add the following to the `.pre-commit-co
 ```yaml title=".pre-commit-config.yaml"
 - repo: https://github.com/astral-sh/uv-pre-commit
   # uv version.
-  rev: 0.4.30
+  rev: 0.5.0
   hooks:
     # Compile requirements
     - id: pip-compile
@@ -20,7 +20,7 @@ To compile alternative files, modify `args` and `files`:
 ```yaml title=".pre-commit-config.yaml"
 - repo: https://github.com/astral-sh/uv-pre-commit
   # uv version.
-  rev: 0.4.30
+  rev: 0.5.0
   hooks:
     # Compile requirements
     - id: pip-compile
@@ -33,7 +33,7 @@ To run the hook over multiple files at the same time:
 ```yaml title=".pre-commit-config.yaml"
 - repo: https://github.com/astral-sh/uv-pre-commit
   # uv version.
-  rev: 0.4.30
+  rev: 0.5.0
   hooks:
     # Compile requirements
     - id: pip-compile
diff --git a/pyproject.toml b/pyproject.toml
index 855e6e9bbbbd..6c0a15ea2e18 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "maturin"
 
 [project]
 name = "uv"
-version = "0.4.30"
+version = "0.5.0"
 description = "An extremely fast Python package and project manager, written in Rust."
 authors = [{ name = "Astral Software Inc.", email = "hey@astral.sh" }]
 requires-python = ">=3.8"