diff --git a/CHANGELOG.md b/CHANGELOG.md
index a7f58ea2b59..5387643e97d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,18 @@
+## 0.48.0 / 2021-05-19
+
+Deprecation notice:  
+app labels will be removed in v0.50.
+
+* [CHANGE] Replace app label names with app.kubernetes.io/name. #3939
+* [CHANGE] Drop ksonnet as a dependency in jsonnetfile.json. #4002
+* [ENHANCEMENT] Add default container annotation to Alertmanager pod. #3978
+* [ENHANCEMENT] Add default container annotation to Thanos ruler pod. #3981
+* [ENHANCEMENT] Optimize asset secret update logic. #3986
+* [ENHANCEMENT] jsonnet: set default container in prometheus-operator pod. #3979
+* [BUGFIX] Watch configmaps from the Prometheus allowed namespaces only. #3992
+* [BUGFIX] Reconcile resources on namespace updates when using privileged lister/watcher. #3879
+* [BUGFIX] Don't generate broken Alertmanager configuration when `http_config` is defined in the global parameters. #4041
+
 ## 0.47.1 / 2021-04-30
 
 * [BUGFIX] Avoid reconciliations for Alertmanager statefulset on resource version changes. #3948
diff --git a/Documentation/rbac.md b/Documentation/rbac.md
index 5287cee15b4..1dfe00ed4cd 100644
--- a/Documentation/rbac.md
+++ b/Documentation/rbac.md
@@ -28,7 +28,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
 rules:
 - apiGroups:
@@ -177,7 +177,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 ```
@@ -194,7 +194,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
 roleRef:
   apiGroup: rbac.authorization.k8s.io
diff --git a/RELEASE.md b/RELEASE.md
index 8ff166c494a..55696c2cbfe 100644
--- a/RELEASE.md
+++ b/RELEASE.md
@@ -15,8 +15,9 @@ Release cadence of first pre-releases being cut is 6 weeks.
 | v0.45   | 2021-01-13                                 | Lili Cosic (GitHub: @lilic)                 |
 | v0.46   | 2021-02-24                                 | Sergiusz Urbaniak (GitHub: @s-urbaniak)     |
 | v0.47   | 2021-04-07                                 | Simon Pasquier (GitHub: @simonpasquier)     |
-| v0.48   | 2021-05-19                                 | **searching for volunteer**                 |
-| v0.49   | 2021-06-30                                 | **searching for volunteer**                 |
+| v0.48   | 2021-05-19                                 | Matthias Loibl (GitHub: @metalmatze)        |
+| v0.49   | 2021-06-30                                 | Pawel Krupa (GitHub: @paulfantom)           |
+| v0.50   | 2021-08-11                                 | **searching for volunteer**                 |
 
 # How to cut a new release
 
diff --git a/VERSION b/VERSION
index 650298f4f7d..a758a09aae5 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.47.1
+0.48.0
diff --git a/bundle.yaml b/bundle.yaml
index 6598ff4af38..a20e3b16d3d 100644
--- a/bundle.yaml
+++ b/bundle.yaml
@@ -14047,7 +14047,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
 roleRef:
   apiGroup: rbac.authorization.k8s.io
@@ -14064,7 +14064,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
 rules:
 - apiGroups:
@@ -14144,7 +14144,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 spec:
@@ -14160,13 +14160,13 @@ spec:
       labels:
         app.kubernetes.io/component: controller
         app.kubernetes.io/name: prometheus-operator
-        app.kubernetes.io/version: 0.47.1
+        app.kubernetes.io/version: 0.48.0
     spec:
       containers:
       - args:
         - --kubelet-service=kube-system/kubelet
-        - --prometheus-config-reloader=quay.io/prometheus-operator/prometheus-config-reloader:v0.47.1
-        image: quay.io/prometheus-operator/prometheus-operator:v0.47.1
+        - --prometheus-config-reloader=quay.io/prometheus-operator/prometheus-config-reloader:v0.48.0
+        image: quay.io/prometheus-operator/prometheus-operator:v0.48.0
         name: prometheus-operator
         ports:
         - containerPort: 8080
@@ -14193,7 +14193,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 ---
@@ -14203,7 +14203,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 spec:
diff --git a/example/non-rbac/prometheus-operator.yaml b/example/non-rbac/prometheus-operator.yaml
index c5ac5e5b352..9cf0e1e060c 100644
--- a/example/non-rbac/prometheus-operator.yaml
+++ b/example/non-rbac/prometheus-operator.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 spec:
@@ -20,13 +20,13 @@ spec:
       labels:
         app.kubernetes.io/component: controller
         app.kubernetes.io/name: prometheus-operator
-        app.kubernetes.io/version: 0.47.1
+        app.kubernetes.io/version: 0.48.0
     spec:
       containers:
       - args:
         - --kubelet-service=kube-system/kubelet
-        - --prometheus-config-reloader=quay.io/prometheus-operator/prometheus-config-reloader:v0.47.1
-        image: quay.io/prometheus-operator/prometheus-operator:v0.47.1
+        - --prometheus-config-reloader=quay.io/prometheus-operator/prometheus-config-reloader:v0.48.0
+        image: quay.io/prometheus-operator/prometheus-operator:v0.48.0
         name: prometheus-operator
         ports:
         - containerPort: 8080
diff --git a/example/rbac/prometheus-operator/prometheus-operator-cluster-role-binding.yaml b/example/rbac/prometheus-operator/prometheus-operator-cluster-role-binding.yaml
index baf49b2d81b..30728ee66d8 100644
--- a/example/rbac/prometheus-operator/prometheus-operator-cluster-role-binding.yaml
+++ b/example/rbac/prometheus-operator/prometheus-operator-cluster-role-binding.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
 roleRef:
   apiGroup: rbac.authorization.k8s.io
diff --git a/example/rbac/prometheus-operator/prometheus-operator-cluster-role.yaml b/example/rbac/prometheus-operator/prometheus-operator-cluster-role.yaml
index 7335dbb30a4..7dbe02983e6 100644
--- a/example/rbac/prometheus-operator/prometheus-operator-cluster-role.yaml
+++ b/example/rbac/prometheus-operator/prometheus-operator-cluster-role.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
 rules:
 - apiGroups:
diff --git a/example/rbac/prometheus-operator/prometheus-operator-deployment.yaml b/example/rbac/prometheus-operator/prometheus-operator-deployment.yaml
index d787904113c..e2dc2424b84 100644
--- a/example/rbac/prometheus-operator/prometheus-operator-deployment.yaml
+++ b/example/rbac/prometheus-operator/prometheus-operator-deployment.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 spec:
@@ -20,13 +20,13 @@ spec:
       labels:
         app.kubernetes.io/component: controller
         app.kubernetes.io/name: prometheus-operator
-        app.kubernetes.io/version: 0.47.1
+        app.kubernetes.io/version: 0.48.0
     spec:
       containers:
       - args:
         - --kubelet-service=kube-system/kubelet
-        - --prometheus-config-reloader=quay.io/prometheus-operator/prometheus-config-reloader:v0.47.1
-        image: quay.io/prometheus-operator/prometheus-operator:v0.47.1
+        - --prometheus-config-reloader=quay.io/prometheus-operator/prometheus-config-reloader:v0.48.0
+        image: quay.io/prometheus-operator/prometheus-operator:v0.48.0
         name: prometheus-operator
         ports:
         - containerPort: 8080
diff --git a/example/rbac/prometheus-operator/prometheus-operator-service-account.yaml b/example/rbac/prometheus-operator/prometheus-operator-service-account.yaml
index 5c6420f7b9a..c67fa8616d1 100644
--- a/example/rbac/prometheus-operator/prometheus-operator-service-account.yaml
+++ b/example/rbac/prometheus-operator/prometheus-operator-service-account.yaml
@@ -4,6 +4,6 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
diff --git a/example/rbac/prometheus-operator/prometheus-operator-service-monitor.yaml b/example/rbac/prometheus-operator/prometheus-operator-service-monitor.yaml
index 25d8c4294bf..f3ba01f4865 100644
--- a/example/rbac/prometheus-operator/prometheus-operator-service-monitor.yaml
+++ b/example/rbac/prometheus-operator/prometheus-operator-service-monitor.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 spec:
@@ -15,4 +15,4 @@ spec:
     matchLabels:
       app.kubernetes.io/component: controller
       app.kubernetes.io/name: prometheus-operator
-      app.kubernetes.io/version: 0.47.1
+      app.kubernetes.io/version: 0.48.0
diff --git a/example/rbac/prometheus-operator/prometheus-operator-service.yaml b/example/rbac/prometheus-operator/prometheus-operator-service.yaml
index 4b773bf14c8..c88cbfda859 100644
--- a/example/rbac/prometheus-operator/prometheus-operator-service.yaml
+++ b/example/rbac/prometheus-operator/prometheus-operator-service.yaml
@@ -4,7 +4,7 @@ metadata:
   labels:
     app.kubernetes.io/component: controller
     app.kubernetes.io/name: prometheus-operator
-    app.kubernetes.io/version: 0.47.1
+    app.kubernetes.io/version: 0.48.0
   name: prometheus-operator
   namespace: default
 spec:
diff --git a/go.mod b/go.mod
index 1ee2a1c5909..3d4ebd24b99 100644
--- a/go.mod
+++ b/go.mod
@@ -18,8 +18,8 @@ require (
 	github.com/oklog/run v1.1.0
 	github.com/pkg/errors v0.9.1
 	github.com/prometheus-community/prom-label-proxy v0.2.0
-	github.com/prometheus-operator/prometheus-operator/pkg/apis/monitoring v0.47.1
-	github.com/prometheus-operator/prometheus-operator/pkg/client v0.47.1
+	github.com/prometheus-operator/prometheus-operator/pkg/apis/monitoring v0.48.0
+	github.com/prometheus-operator/prometheus-operator/pkg/client v0.48.0
 	github.com/prometheus/alertmanager v0.21.1-0.20210422101724-8176f78a70e1
 	github.com/prometheus/client_golang v1.10.0
 	github.com/prometheus/common v0.21.0