diff --git a/.github/ISSUE_TEMPLATE.md b/.github/ISSUE_TEMPLATE.md
index 2e1cb8bfd4a..6fa66cf9da9 100644
--- a/.github/ISSUE_TEMPLATE.md
+++ b/.github/ISSUE_TEMPLATE.md
@@ -25,4 +25,4 @@ If this is a **feature request**, show what you expect to happen if the feature
 
 
 #### Current Version:
-v4.9.0
+v5.0.0
diff --git a/doxygen/doxygen.cfg b/doxygen/doxygen.cfg
index aed7981d1fa..3d2ca2ee1c8 100644
--- a/doxygen/doxygen.cfg
+++ b/doxygen/doxygen.cfg
@@ -48,7 +48,7 @@ PROJECT_NAME           = "Stan Math Library"
 # could be handy for archiving the generated documentation or if some version
 # control system is used.
 
-PROJECT_NUMBER         = 4.9.0
+PROJECT_NUMBER         = 5.0.0
 
 # Using the PROJECT_BRIEF tag one can provide an optional one line description
 # for a project that appears at the top of each page and should give viewer a
diff --git a/stan/math/version.hpp b/stan/math/version.hpp
index 8e54a244433..0f078458756 100644
--- a/stan/math/version.hpp
+++ b/stan/math/version.hpp
@@ -11,8 +11,8 @@
 #define STAN_STRING(s) STAN_STRING_EXPAND(s)
 #endif
 
-#define STAN_MATH_MAJOR 4
-#define STAN_MATH_MINOR 9
+#define STAN_MATH_MAJOR 5
+#define STAN_MATH_MINOR 0
 #define STAN_MATH_PATCH 0
 
 namespace stan {