diff --git a/CHANGELOG.md b/CHANGELOG.md
index b767eb2..c85fb7a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/).
 
 ## [Unreleased]
 
+## [0.5.0] - 2026-08-28
+
 ### Changed
 - First-use PDF conversion and embedding now run as an observable background job; `search` returns promptly with polling instructions instead of exceeding MCP client deadlines.
 - `get_paper_info` reports queued, processing, ready, incomplete, or failed state without initializing the embedding model.
diff --git a/pyproject.toml b/pyproject.toml
index 318d242..e115432 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "paper-intelligence"
-version = "0.4.1"
+version = "0.5.0"
 description = "MCP server enabling AI agents to efficiently search and understand PDF documents"
 readme = "README.md"
 requires-python = ">=3.10"
diff --git a/uv.lock b/uv.lock
index fa480ae..e7a4be3 100644
--- a/uv.lock
+++ b/uv.lock
@@ -2875,7 +2875,7 @@ wheels = [
 
 [[package]]
 name = "paper-intelligence"
-version = "0.4.1"
+version = "0.5.0"
 source = { editable = "." }
 dependencies = [
     { name = "chromadb" },