diff --git a/CHANGELOG.md b/CHANGELOG.md
index 900a95c..a9d877b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,7 +5,7 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/)
 and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.html).
 
-## [unreleased]
+## [0.5.0-pre1] - 2024-05-08
 
 ## Deprecated
 
@@ -105,7 +105,8 @@ and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.
 
 Initial release.
 
-[unreleased]: <https://github.com/stac-utils/stac-task/compare/v0.4.2...main>
+<!-- [unreleased]: <https://github.com/stac-utils/stac-task/compare/v0.4.2...main> -->
+[0.5.0-pre1]: <https://github.com/stac-utils/stac-task/compare/v0.4.2...v0.5.0-pre1>
 [v0.4.2]: <https://github.com/stac-utils/stac-task/compare/v0.4.1...v0.4.2>
 [v0.4.1]: <https://github.com/stac-utils/stac-task/compare/v0.4.0...v0.4.1>
 [v0.4.0]: <https://github.com/stac-utils/stac-task/compare/v0.3.0...v0.4.0>
diff --git a/docs/source/conf.py b/docs/source/conf.py
index 13c1085..d8f3bf8 100644
--- a/docs/source/conf.py
+++ b/docs/source/conf.py
@@ -13,7 +13,7 @@
 copyright = "2021, Element 84, Inc."
 
 release = "0.4"
-version = "0.4.2"
+version = "0.5.0-pre1"
 
 # -- General configuration
 
diff --git a/pyproject.toml b/pyproject.toml
index b723dc0..f46693a 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "stactask"
-version = "0.4.2"
+version = "0.5.0-pre1"
 authors = [{ name = "Matthew Hanson", email = "matt.a.hanson@gmail.com" }]
 maintainers = [{ name = "Pete Gadomski", email = "pete.gadomski@gmail.com" }]
 description = "Class interface for running custom algorithms and workflows on STAC Items"