diff --git a/helm-chart/kuberay-apiserver/Chart.yaml b/helm-chart/kuberay-apiserver/Chart.yaml
index f4ad4386e2..af645e9201 100644
--- a/helm-chart/kuberay-apiserver/Chart.yaml
+++ b/helm-chart/kuberay-apiserver/Chart.yaml
@@ -15,4 +15,4 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: 0.5.0-rc.0
+version: 0.5.0
diff --git a/helm-chart/kuberay-apiserver/values.yaml b/helm-chart/kuberay-apiserver/values.yaml
index d283bc57e7..56dd92bc4c 100644
--- a/helm-chart/kuberay-apiserver/values.yaml
+++ b/helm-chart/kuberay-apiserver/values.yaml
@@ -7,7 +7,7 @@ replicaCount: 1
 name: "kuberay-apiserver"
 image:
   repository: kuberay/apiserver
-  tag: v0.5.0-rc.0
+  tag: v0.5.0
   pullPolicy: IfNotPresent
 
 ## Install Default RBAC roles and bindings
diff --git a/helm-chart/kuberay-operator/Chart.yaml b/helm-chart/kuberay-operator/Chart.yaml
index a9ce800db5..25c8f16db0 100644
--- a/helm-chart/kuberay-operator/Chart.yaml
+++ b/helm-chart/kuberay-operator/Chart.yaml
@@ -1,6 +1,6 @@
 apiVersion: v2
 description: A Helm chart for Kubernetes
 name: kuberay-operator
-version: 0.5.0-rc.0
+version: 0.5.0
 icon: https://github.com/ray-project/ray/raw/master/doc/source/images/ray_header_logo.png
 type: application
diff --git a/helm-chart/kuberay-operator/values.yaml b/helm-chart/kuberay-operator/values.yaml
index 8d7d5ed497..94cd6f0d23 100644
--- a/helm-chart/kuberay-operator/values.yaml
+++ b/helm-chart/kuberay-operator/values.yaml
@@ -4,7 +4,7 @@
 
 image:
   repository: kuberay/operator
-  tag: v0.5.0-rc.0
+  tag: v0.5.0
   pullPolicy: IfNotPresent
 
 nameOverride: "kuberay-operator"
diff --git a/helm-chart/ray-cluster/Chart.yaml b/helm-chart/ray-cluster/Chart.yaml
index 8aa9aae4c8..bb0444b0a6 100644
--- a/helm-chart/ray-cluster/Chart.yaml
+++ b/helm-chart/ray-cluster/Chart.yaml
@@ -1,5 +1,5 @@
 apiVersion: v1
 description: A Helm chart for Kubernetes
 name: ray-cluster
-version: 0.5.0-rc.0
+version: 0.5.0
 icon: https://github.com/ray-project/ray/raw/master/doc/source/images/ray_header_logo.png
diff --git a/manifests/base/kustomization.yaml b/manifests/base/kustomization.yaml
index 45c2048819..09b91097ae 100644
--- a/manifests/base/kustomization.yaml
+++ b/manifests/base/kustomization.yaml
@@ -11,8 +11,8 @@ resources:
 images:
 - name: kuberay/apiserver
   newName: kuberay/apiserver
-  newTag: v0.5.0-rc.0
+  newTag: v0.5.0
 - name: kuberay/operator
   newName: kuberay/operator
-  newTag: v0.5.0-rc.0
+  newTag: v0.5.0
 
diff --git a/ray-operator/config/default/kustomization.yaml b/ray-operator/config/default/kustomization.yaml
index c07583e6d3..b99ee24709 100644
--- a/ray-operator/config/default/kustomization.yaml
+++ b/ray-operator/config/default/kustomization.yaml
@@ -23,5 +23,5 @@ bases:
 images:
 - name: kuberay/operator
   newName: kuberay/operator
-  newTag: v0.5.0-rc.0
+  newTag: v0.5.0