diff --git a/docs/release-notes-latest.rst b/docs/release-notes-latest.rst
index c25095c..e77ea53 120000
--- a/docs/release-notes-latest.rst
+++ b/docs/release-notes-latest.rst
@@ -1 +1 @@
-release-notes/release-notes-0.5.0.rst
\ No newline at end of file
+release-notes/release-notes-0.5.1.rst
\ No newline at end of file
diff --git a/docs/release-notes/release-notes-0.5.1.rst b/docs/release-notes/release-notes-0.5.1.rst
new file mode 100644
index 0000000..795b2a6
--- /dev/null
+++ b/docs/release-notes/release-notes-0.5.1.rst
@@ -0,0 +1,113 @@
+NFD version 0.5.1
+-----------------
+
+Release date: January 25, 2017
+
+Changes since version 0.5.0
+
+New features
+^^^^^^^^^^^^
+
+- In ndn-autoconfig, add the Find (geographically) Closest Hub stage (NDN-FCH) using a
+  `deployed service <http://ndn-fch.named-data.net>`__ (:issue:`3800`)
+
+- Add ``face_system.ether.whitelist`` and ``face_system.ether.blacklist`` config options for
+  Ethernet multicast faces creation (:issue:`1712`)
+
+- Add ``face_system.udp.whitelist`` and ``face_system.udp.blacklist`` config options for
+  UDP multicast faces creation (:issue:`1712`)
+
+- Introduce ``tables.cs_policy`` config option to configure cache policy (policy change requires
+  restart of NFD) (:issue:`3148`)
+
+- Introduce strategy parameters that can be specified when selecting a strategy for a
+  namespace (:issue:`3868`)
+
+- Initial implementation of route re-advertise feature.  This release only includes supporting
+  classes.  Full implementation of this feature is expected to be introduced in the next
+  release (:issue:`3818`).
+
+- Introduce ``FACE_EVENT_UP`` and ``FACE_EVENT_DOWN`` notifications (:issue:`3794`, :issue:`3818`)
+
+- GenericLinkService now encodes and decodes the NDNLPv2 CongestionMark field (:issue:`3797`)
+
+Updates
+^^^^^^^
+
+- Allow strategies to pick outgoing Interest.  The outgoing Interest pipeline and Strategy API
+  have changed to give strategies an opportunity to pick an outgoing Interest that matches
+  the Interest table entry (:issue:`1756`)
+
+- Refactor localhop restriction handling in strategies.  Previously available
+  ``canForwardToLegacy`` function no longer checks scope. Strategies using this function shall
+  use ``wouldViolateScope`` separately (:issue:`3841`, :issue:`1756`)
+
+- Strategy instances are no longer shared among different StrategyChoice entries.  Each instance can
+  be individually configured using the arguments supplied during construction (as part of strategy
+  name) (:issue:`3868`)
+
+- Change ``strategy-choice/set`` response codes.  Specifically, if the specified strategy name
+  cannot be instantiated, the command responds with 404 status code (:issue:`3868`)
+
+- Add ability to instantiate strategy of next higher version if the requested version is not
+  available (:issue:`3868`)
+
+- Refactor face management system.  The function of the monolithic ``FaceManager`` class has
+  been split among the newly introduced ``FaceSystem`` class and the various protocol
+  factories.  FaceSystem class is the entry point of NFD's face system and owns the concrete
+  protocol factories, created based on ``face_system`` section of the NFD configuration
+  file. (:issue:`3904`)
+
+- Switch to use ``faces/update`` instead of legacy ``faces/enable-local-control`` to enable
+  local fields (:issue:`3734`)
+
+- Add support for permanent persistency in TcpTransport (:issue:`3167`)
+
+- Add missing and refactor existing registry implementations for replaceable modules, including
+  strategy, protocol factory, CS policy, and unsolicited data policy (:issue:`2181`, :issue:`3148`,
+  :issue:`3868`, :issue:`3904`)
+
+- Refactor and extend ``nfdc`` tool. The tool is now a universal instrument to query and
+  change NFD state (:issue:`3780`)
+
+- Refactor implementation of ``ndn-autoconfig`` tool (:issue:`2426`)
+
+Bugfixes
+^^^^^^^^
+
+- Fix RTT calculation in ASF strategy (:issue:`3829`)
+
+- Ensure that ``pit::Entry`` checks that Interest matches entry when updating in/out-record to
+  prevent strategies to incorrectly pick an incorrect Interest (:issue:`1756`)
+
+- Fix uncaught ``bad_lexical_cast`` exception in ``Network::isValidCidr()`` (:issue:`3858`)
+
+- Fix incorrect output of ``operator<<`` for Rib class (:issue:`3423`)
+
+- Make FIB and StrategyChoice iterators default-constructible (:issue:`3882`)
+
+- Ensure that ``nfd-status-http-server`` returns error code (HTTP/504) when NFD is not running
+  (:issue:`3863`)
+
+- A number of fixes in documentation
+
+Deprecations
+^^^^^^^^^^^^
+
+- Deprecate ``nfd-status`` command line options.  Use ``nfdc`` subcommands, such as ``nfdc face
+  list`` and ``nfdc status report xml``. The argument-less ``nfd-status`` is retained as an
+  alias of ``nfdc status report`` (:issue:`3780`)
+
+Deletions
+^^^^^^^^^
+
+- Delete deprecated ``Strategy::sendInterest`` overload and ``violatesScope`` (:issue:`1756`,
+  :issue:`3841`)
+
+- StrategyChoice no longer supports installed instances.  All strategies should be registered
+  in the strategy registry (:issue:`3868`)
+
+- ``Strategy::getName``. Instead, Strategy API introduces ``getStrategyName`` (strategy program
+  name, including version component) and ``getInstanceName`` (strategy name assigned during
+  strategy instance instantiation, including version and optional extra parameter components)
+  (:issue:`3868`)
diff --git a/docs/releases.rst b/docs/releases.rst
index 557893e..49d8fe2 100644
--- a/docs/releases.rst
+++ b/docs/releases.rst
@@ -5,6 +5,7 @@
    :hidden:
    :maxdepth: 1
 
+   release-notes/release-notes-0.5.1
    release-notes/release-notes-0.5.0
    release-notes/release-notes-0.4.1
    release-notes/release-notes-0.4.0
@@ -16,6 +17,12 @@
    release-notes/release-notes-0.2.0
    release-notes/release-notes-0.1.0
 
+* **NFD version 0.5.1**
+  (:doc:`Release Notes <release-notes/release-notes-0.5.1>`, `Documentation <https://named-data.net/doc/NFD/0.5.1/>`__)
+
+  `src (git) <https://github.com/named-data/NFD/releases/tag/NFD-0.5.1>`__,
+  `src (tarball) <https://named-data.net/downloads/nfd-0.5.1.tar.bz2>`__ (`checksum <https://named-data.net/downloads/nfd-0.5.1.tar.bz2.sha256>`__)
+
 * **NFD version 0.5.0**
   (:doc:`Release Notes <release-notes/release-notes-0.5.0>`, `Documentation <https://named-data.net/doc/NFD/0.5.0/>`__)
 
diff --git a/wscript b/wscript
index 86703a7..fc5d999 100644
--- a/wscript
+++ b/wscript
@@ -1,7 +1,7 @@
 # -*- Mode: python; py-indent-offset: 4; indent-tabs-mode: nil; coding: utf-8; -*-
 
 """
-Copyright (c) 2014-2016,  Regents of the University of California,
+Copyright (c) 2014-2017,  Regents of the University of California,
                           Arizona Board of Regents,
                           Colorado State University,
                           University Pierre & Marie Curie, Sorbonne University,
@@ -24,7 +24,7 @@
 NFD, e.g., in COPYING.md file.  If not, see <http://www.gnu.org/licenses/>.
 """
 
-VERSION = "0.5.0"
+VERSION = "0.5.1"
 APPNAME = "nfd"
 BUGREPORT = "https://redmine.named-data.net/projects/nfd"
 URL = "https://named-data.net/doc/NFD/"