diff --git a/doc/conf.py b/doc/conf.py
index 1f6b413dba9e..3619846abeea 100644
--- a/doc/conf.py
+++ b/doc/conf.py
@@ -31,9 +31,9 @@
 author = 'Intel'
 
 # The short X.Y version
-version = '0.4'
+version = '0.5'
 # The full version, including alpha/beta/rc tags
-release = '0.4.0'
+release = '0.5.0'
 
 
 # -- General configuration ---------------------------------------------------
diff --git a/dpnp/backend/CMakeLists.txt b/dpnp/backend/CMakeLists.txt
index 1d90454eeff1..8717451cef56 100644
--- a/dpnp/backend/CMakeLists.txt
+++ b/dpnp/backend/CMakeLists.txt
@@ -27,8 +27,8 @@
 
 cmake_minimum_required(VERSION 3.10 FATAL_ERROR)
 
-# set(DPNP_VERSION 0.4.0)
-# set(DPNP_API_VERSION 0.4)
+# set(DPNP_VERSION 0.5.0)
+# set(DPNP_API_VERSION 0.5)
 
 # set directory where the custom finders live
 set(CMAKE_MODULE_PATH ${CMAKE_MODULE_PATH} "${CMAKE_SOURCE_DIR}/cmake/Modules")
diff --git a/dpnp/backend/doc/Doxyfile b/dpnp/backend/doc/Doxyfile
index 83a15cdae732..81ec6bda04bb 100644
--- a/dpnp/backend/doc/Doxyfile
+++ b/dpnp/backend/doc/Doxyfile
@@ -38,7 +38,7 @@ PROJECT_NAME           = "DPNP C++ backend kernel library"
 # could be handy for archiving the generated documentation or if some version
 # control system is used.
 
-PROJECT_NUMBER         = 0.4.0
+PROJECT_NUMBER         = 0.5.0
 
 # 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/dpnp/version.py b/dpnp/version.py
index 1954ac0f2e8f..772fc65883a1 100644
--- a/dpnp/version.py
+++ b/dpnp/version.py
@@ -29,6 +29,6 @@
 DPNP version module
 """
 
-__version__: str = '0.4.0'
+__version__: str = '0.5.0'
 
 version: str = __version__