diff --git a/docs/release-notes-latest.rst b/docs/release-notes-latest.rst
index 6dc2baa..c25095c 120000
--- a/docs/release-notes-latest.rst
+++ b/docs/release-notes-latest.rst
@@ -1 +1 @@
-release-notes/release-notes-0.4.1.rst
\ No newline at end of file
+release-notes/release-notes-0.5.0.rst
\ No newline at end of file
diff --git a/docs/release-notes/release-notes-0.5.0.rst b/docs/release-notes/release-notes-0.5.0.rst
new file mode 100644
index 0000000..c1a8fb6
--- /dev/null
+++ b/docs/release-notes/release-notes-0.5.0.rst
@@ -0,0 +1,118 @@
+NFD version 0.5.0
+-----------------
+
+Release date: October 4, 2016
+
+.. note::
+   Version 0.5.0 introduces several breaking changes to the internal API (forwarding pipelines,
+   strategy interface, tables) and wire format of management protocol
+
+.. note::
+   As of version 0.5.0, NFD requires a modern compiler (gcc >= 4.8.2, clang >= 3.4) and a
+   relatively new version of Boost libraries (>= 1.54).  This means that the code no longer compiles
+   with the packaged version of gcc and boost libraries on Ubuntu 12.04.  NFD can still be
+   compiled on such systems, but requires separate installation of a newer version of the compiler
+   (e.g., clang-3.4) and dependencies.
+
+Changes since version 0.4.1
+
+New features
+^^^^^^^^^^^^
+
+- Add Adaptive SRTT-based Forwarding strategy (:issue:`3566`)
+
+- **breaking change** Introduce configurable policy for admission of unsolicited data packets into
+  the content store (:issue:`2181`).  Currently available policies:
+
+  * ``DropAllUnsolicitedDataPolicy`` (**the new default**): drop all unsolicited data packets
+  * ``AdmitLocalUnsolicitedDataPolicy`` (the old default): allow unsolicited data packets from local
+    applications to be cached (e.g., with a lower priority), drop all other unsolicited data
+  * ``AdmitNetworkUnsolicitedDataPolicy``: allow unsolicited data packets from the network to be
+    cached (e.g., with a lower priority), drop all other unsolicited data
+  * ``AdmitAllUnsolicitedDataPolicy``: cache all unsolicited data packets
+
+- Introduce mechanism to update properties (e.g., flags, persistency) of an existing Face
+  (:issue:`3731`).  Note that the corresponding ``nfdc`` command will be available in the next
+  release.
+
+Updates
+^^^^^^^
+
+- **breaking change** Strategy API update. FIB entry is no longer supplied to the
+  ``Strategy::afterReceiveInterest`` method (i.e., FIB lookup is not performed by the forwarding
+  pipelines).  When necessary, a strategy can request FIB lookup using ``Strategy::lookupFib``
+  (:issue:`3664`, :issue:`3205`, :issue:`3679`, :issue:`3205`)
+
+- **breaking change** ForwarderStatus dataset can now be requested only with
+  ``/localhost/nfd/status/general`` interest (:issue:`3379`)
+
+- Optimizations of tables and forwarding, including reduced usage of ``shared_ptr`` (:issue:`3205`,
+  :issue:`3164`, :issue:`3687`)
+
+- Display extended diagnostic information if NFD crashes (:issue:`2541`)
+
+- Visualize NACK counters in ``nfd-status`` output (:issue:`3569`)
+
+- Extend management to process the new ``LocalFieldsEnabled`` attribute when creating/updating Faces
+  (:issue:`3731`)
+
+- Switch logging facility to use Boost.Log (:issue:`3562`)
+
+- Refactor implementation of ``nfdc`` tool, which now supports a new command-line syntax and
+  retrieval of status datasets (:issue:`3749`, :issue:`3780`).  This is the first step in
+  implementing an interactive mode for ``nfdc`` (:issue:`2542`).
+
+- ``nfd-status`` tool has been merged into ``nfdc`` with a wrapper script provided for backwards
+  compatibility (:issue:`3658`)
+
+- Refactor implementation of RIB Manager to make it uniform with other managers (:issue:`2857`)
+
+- Miscellaneous code refactoring (:issue:`3738`, :issue:`3164`, :issue:`3687`, :issue:`3205`,
+  :issue:`3608`, :issue:`3619`, :issue:`2181`)
+
+- Update WebSocket++ to version 0.7.0 (:issue:`3588`)
+
+- Updates to reflect the latest changes in ndn-cxx library (:issue:`3760`, :issue:`3739`,
+  :issue:`2950`, :issue:`2063`)
+
+Bugfixes
+^^^^^^^^
+
+- Ensure ``NccStrategy`` explores all potential upstreams (:issue:`3411`)
+
+- Add missing processing of NACK in ``pit::Entry::hasUnexpiredOutRecords`` (:issue:`3545`)
+
+- Fix issue with WebSocket-based Face creation when IPv4-mapped IPv6 loopback addresses are
+  considered non-local (:issue:`3682`)
+
+- Make sure that the outgoing Interest pipeline uses the newest in-record when sending out an
+  Interest (:issue:`3642`)
+
+- Properly delete PIT in-record and out-record when face is destroyed (:issue:`3685`)
+
+- Fix ``Pit::find`` leak of ``NameTreeEntry`` (:issue:`3619`)
+
+- Fix ``Pit::erase`` crash when Interest name contains implicit digest (:issue:`3608`)
+
+- Fix use-after-free in ``Rib::erase`` and ``RibManagerFixture::clearRib`` (:issue:`3787`)
+
+Deprecations
+^^^^^^^^^^^^
+
+- ``ClientControl`` forwarding strategy.  The NextHopFaceId is now honored universally
+  (:issue:`3783`)
+
+- ``StrategyInfoHost::getOrCreateStrategyInfo``, which is renamed to
+  ``StrategyInfoHost::insertStrategyInfo`` (:issue:`3205`)
+
+Deletions
+^^^^^^^^^
+
+- Previously deprecated BroadcastStrategy (:issue:`3206`)
+
+- Unused command-line tool ``nrd`` (:issue:`3570`)
+
+- ``SegmentPublisher`` and ``RibStatusPublisher``, both replaced by ``ndn::Dispatcher``
+  (:issue:`2857`)
+
+- ``CommandValidator``, which has been replaced by ``CommandAuthenticator`` (:issue:`2063`)
diff --git a/docs/releases.rst b/docs/releases.rst
index faf29de..318a0d8 100644
--- a/docs/releases.rst
+++ b/docs/releases.rst
@@ -5,6 +5,7 @@
    :hidden:
    :maxdepth: 1
 
+   release-notes/release-notes-0.5.0
    release-notes/release-notes-0.4.1
    release-notes/release-notes-0.4.0
    release-notes/release-notes-0.3.4
@@ -15,6 +16,12 @@
    release-notes/release-notes-0.2.0
    release-notes/release-notes-0.1.0
 
+* **NFD version 0.5.0**
+  (:doc:`Release Notes <release-notes/release-notes-0.5.0>`, `Documentation <http://named-data.net/doc/NFD/0.5.0/>`__)
+
+  `src (git) <https://github.com/named-data/NFD/releases/tag/NFD-0.5.0>`__,
+  `src (tarball) <http://named-data.net/downloads/nfd-0.5.0.tar.bz2>`__ (`checksum <http://named-data.net/downloads/nfd-0.5.0.tar.bz2.sha256>`__)
+
 * **NFD version 0.4.1**
   (:doc:`Release Notes <release-notes/release-notes-0.4.1>`, `Documentation <http://named-data.net/doc/NFD/0.4.1/>`__)
 
diff --git a/wscript b/wscript
index b029c75..767e18c 100644
--- a/wscript
+++ b/wscript
@@ -24,7 +24,7 @@
 NFD, e.g., in COPYING.md file.  If not, see <http://www.gnu.org/licenses/>.
 """
 
-VERSION = "0.4.1"
+VERSION = "0.5.0"
 APPNAME = "nfd"
 BUGREPORT = "http://redmine.named-data.net/projects/nfd"
 URL = "http://named-data.net/doc/NFD/"