diff --git a/Makefile b/Makefile
index 8d844e275..892bb3740 100644
--- a/Makefile
+++ b/Makefile
@@ -46,6 +46,7 @@ version-set:
 	sed -i '' "s/flagger:$$current/flagger:$$next/g" artifacts/flagger/deployment.yaml && \
 	sed -i '' "s/tag: $$current/tag: $$next/g" charts/flagger/values.yaml && \
 	sed -i '' "s/appVersion: $$current/appVersion: $$next/g" charts/flagger/Chart.yaml && \
+	sed -i '' "s/version: $$current/version: $$next/g" charts/flagger/Chart.yaml && \
 	echo "Version $$next set in code, deployment and charts"
 
 version-up:
diff --git a/artifacts/flagger/deployment.yaml b/artifacts/flagger/deployment.yaml
index 8d7cdb30f..912d5a438 100644
--- a/artifacts/flagger/deployment.yaml
+++ b/artifacts/flagger/deployment.yaml
@@ -22,7 +22,7 @@ spec:
       serviceAccountName: flagger
       containers:
       - name: flagger
-        image: quay.io/stefanprodan/flagger:0.4.1
+        image: quay.io/stefanprodan/flagger:0.5.0
         imagePullPolicy: Always
         ports:
         - name: http
diff --git a/charts/flagger/Chart.yaml b/charts/flagger/Chart.yaml
index 2c0d91e5a..03649f704 100644
--- a/charts/flagger/Chart.yaml
+++ b/charts/flagger/Chart.yaml
@@ -1,7 +1,7 @@
 apiVersion: v1
 name: flagger
-version: 0.4.1
-appVersion: 0.4.1
+version: 0.5.0
+appVersion: 0.5.0
 kubeVersion: ">=1.11.0-0"
 engine: gotpl
 description: Flagger is a Kubernetes operator that automates the promotion of canary deployments using Istio routing for traffic shifting and Prometheus metrics for canary analysis.
diff --git a/charts/flagger/values.yaml b/charts/flagger/values.yaml
index e4c416f1d..61743c585 100644
--- a/charts/flagger/values.yaml
+++ b/charts/flagger/values.yaml
@@ -2,7 +2,7 @@
 
 image:
   repository: quay.io/stefanprodan/flagger
-  tag: 0.4.1
+  tag: 0.5.0
   pullPolicy: IfNotPresent
 
 metricsServer: "http://prometheus.istio-system.svc.cluster.local:9090"
diff --git a/pkg/version/version.go b/pkg/version/version.go
index 96a1df559..805363018 100644
--- a/pkg/version/version.go
+++ b/pkg/version/version.go
@@ -1,4 +1,4 @@
 package version
 
-var VERSION = "0.4.1"
+var VERSION = "0.5.0"
 var REVISION = "unknown"