diff --git a/keras_cv/__init__.py b/keras_cv/__init__.py
index 9a0c3cbc29..44f06cf278 100644
--- a/keras_cv/__init__.py
+++ b/keras_cv/__init__.py
@@ -33,4 +33,4 @@
 from keras_cv.core import NormalFactorSampler
 from keras_cv.core import UniformFactorSampler
 
-__version__ = "0.4.2"
+__version__ = "0.5.0"