diff --git a/configure.ac b/configure.ac
index 28c2123..e218517 100644
--- a/configure.ac
+++ b/configure.ac
@@ -19,7 +19,7 @@
 
 AC_PREREQ(2.65)
 
-AC_INIT([thrift], [0.5.0-dev])
+AC_INIT([thrift], [0.5.0])
 
 AC_CONFIG_AUX_DIR([.])
 
diff --git a/lib/rb/Rakefile b/lib/rb/Rakefile
index 10383e7..e6f9a94 100644
--- a/lib/rb/Rakefile
+++ b/lib/rb/Rakefile
@@ -82,7 +82,7 @@
     p.summary = "Ruby libraries for Thrift (a language-agnostic RPC system)"
     p.url = "http://incubator.apache.org/thrift/"
     p.include_rakefile = true
-    p.version = "0.2.5"
+    p.version = "0.5.0"
     p.rubygems_version = ">= 1.2.0"
   end