diff --git a/deploy/00-namespace.yaml b/deploy/00-namespace.yaml
index c9948432558..d9da7d39dd3 100644
--- a/deploy/00-namespace.yaml
+++ b/deploy/00-namespace.yaml
@@ -3,6 +3,6 @@ kind: Namespace
 metadata:
   labels:
     app.kubernetes.io/name: keda
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda
diff --git a/deploy/01-service_account.yaml b/deploy/01-service_account.yaml
index 93cea0a1dc1..6e86ff89db0 100644
--- a/deploy/01-service_account.yaml
+++ b/deploy/01-service_account.yaml
@@ -3,7 +3,7 @@ kind: ServiceAccount
 metadata:
   labels:
     app.kubernetes.io/name: keda-operator
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda-operator
   namespace: keda
diff --git a/deploy/10-cluster_role.yaml b/deploy/10-cluster_role.yaml
index 9efc1dcb7d9..55b844d4635 100644
--- a/deploy/10-cluster_role.yaml
+++ b/deploy/10-cluster_role.yaml
@@ -3,7 +3,7 @@ kind: ClusterRole
 metadata:
   labels:
     app.kubernetes.io/name: keda-operator
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   creationTimestamp: null
   name: keda-operator
diff --git a/deploy/11-role_binding.yaml b/deploy/11-role_binding.yaml
index 89909ced18a..e358ec42997 100644
--- a/deploy/11-role_binding.yaml
+++ b/deploy/11-role_binding.yaml
@@ -3,7 +3,7 @@ kind: ClusterRoleBinding
 metadata:
   labels:
     app.kubernetes.io/name: keda-operator
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda-operator
 roleRef:
diff --git a/deploy/12-operator.yaml b/deploy/12-operator.yaml
index 8ca98153d6e..a8b75217da8 100644
--- a/deploy/12-operator.yaml
+++ b/deploy/12-operator.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app: keda-operator
     app.kubernetes.io/name: keda-operator
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/component: operator
     app.kubernetes.io/part-of: keda-operator
   name: keda-operator
@@ -24,7 +24,7 @@ spec:
       serviceAccountName: keda-operator
       containers:
         - name: keda-operator
-          image: docker.io/kedacore/keda:1.4.1
+          image: docker.io/kedacore/keda:1.5.0
           command:
           - keda
           args:
diff --git a/deploy/20-metrics-cluster_role.yaml b/deploy/20-metrics-cluster_role.yaml
index 3a647a532b9..93429e85fd8 100644
--- a/deploy/20-metrics-cluster_role.yaml
+++ b/deploy/20-metrics-cluster_role.yaml
@@ -3,7 +3,7 @@ kind: ClusterRole
 metadata:
   labels:
     app.kubernetes.io/name: keda-external-metrics-reader
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   creationTimestamp: null
   name: keda-external-metrics-reader
diff --git a/deploy/21-metrics-role_binding.yaml b/deploy/21-metrics-role_binding.yaml
index fdd0c8907c3..a911dba16b1 100644
--- a/deploy/21-metrics-role_binding.yaml
+++ b/deploy/21-metrics-role_binding.yaml
@@ -3,7 +3,7 @@ kind: ClusterRoleBinding
 metadata:
   labels:
     app.kubernetes.io/name: keda-system-auth-delegator
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda:system:auth-delegator
 roleRef:
@@ -20,7 +20,7 @@ kind: RoleBinding
 metadata:
   labels:
     app.kubernetes.io/name: keda-auth-reader
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda-auth-reader
   namespace: kube-system
@@ -38,7 +38,7 @@ kind: ClusterRoleBinding
 metadata:
   labels:
     app.kubernetes.io/name: keda-hpa-controller-external-metrics
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda-hpa-controller-external-metrics
 roleRef:
diff --git a/deploy/22-metrics-deployment.yaml b/deploy/22-metrics-deployment.yaml
index fc70c3af01d..f2fca202839 100644
--- a/deploy/22-metrics-deployment.yaml
+++ b/deploy/22-metrics-deployment.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app: keda-metrics-apiserver
     app.kubernetes.io/name: keda-metrics-apiserver
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda-metrics-apiserver
   namespace: keda
@@ -22,7 +22,7 @@ spec:
       serviceAccountName: keda-operator
       containers:
         - name: keda-metrics-apiserver
-          image: docker.io/kedacore/keda-metrics-adapter:1.4.1
+          image: docker.io/kedacore/keda-metrics-adapter:1.5.0
           imagePullPolicy: Always
           env:
             - name: WATCH_NAMESPACE
diff --git a/deploy/23-metrics-service.yaml b/deploy/23-metrics-service.yaml
index 2997b4403f8..a56b289242c 100644
--- a/deploy/23-metrics-service.yaml
+++ b/deploy/23-metrics-service.yaml
@@ -4,7 +4,7 @@ kind: Service
 metadata:
   labels:
     app.kubernetes.io/name: keda-metrics-apiserver
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: keda-metrics-apiserver
   namespace: keda
diff --git a/deploy/24-metrics-api_service.yaml b/deploy/24-metrics-api_service.yaml
index 37dbcb2fd03..e57bb9e4997 100644
--- a/deploy/24-metrics-api_service.yaml
+++ b/deploy/24-metrics-api_service.yaml
@@ -3,7 +3,7 @@ kind: APIService
 metadata:
   labels:
     app.kubernetes.io/name: v1beta1.external.metrics.k8s.io
-    app.kubernetes.io/version: "1.4.1"
+    app.kubernetes.io/version: "1.5.0"
     app.kubernetes.io/part-of: keda-operator
   name: v1beta1.external.metrics.k8s.io
 spec:
diff --git a/version/version.go b/version/version.go
index 3e947c1f2f1..9a2b77ccd25 100644
--- a/version/version.go
+++ b/version/version.go
@@ -1,6 +1,6 @@
 package version
 
 var (
-	Version   = "1.4.1"
+	Version   = "1.5.0"
 	GitCommit string
 )