diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9a517e9d2..2e8d3b8a6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,32 @@
 
 This document includes a curated changelog for each release. We also publish a changelog as the description of a [GitHub release](https://github.com/nginxinc/nginx-kubernetes-gateway/releases), which, by contrast, is auto-generated and includes links to all PRs that went into the release.
 
+## Release 0.5.0
+
+*July 17, 2023*
+
+This release completes all v1beta1 Core features of the Gateway API resources. See the [Gateway Compatibility doc](https://github.com/nginxinc/nginx-kubernetes-gateway/blob/v0.5.0/docs/gateway-api-compatibility.md)
+
+FEATURES:
+* Support cross-namespace BackendRefs in HTTPRoutes. [PR-806](https://github.com/nginxinc/nginx-kubernetes-gateway/pull/806)
+* Support dynamic certificate rotation with Kubernetes Secrets. [PR-807](https://github.com/nginxinc/nginx-kubernetes-gateway/pull/807)
+* Support SupportedKinds in ListenerStatus. [PR-809](https://github.com/nginxinc/nginx-kubernetes-gateway/pull/809)
+
+BUG FIXES:
+* Set redirect port in location header according to the scheme. [PR-801](https://github.com/nginxinc/nginx-kubernetes-gateway/pull/801)
+* Set proxy host header to the exact value of the request host header. [PR-827](https://github.com/nginxinc/nginx-kubernetes-gateway/pull/827)
+* Ensure Prefix matching requires trailing slash. [PR-817](https://github.com/nginxinc/nginx-kubernetes-gateway/pull/817)
+
+COMPATIBILITY:
+- The Gateway API version: `0.7.1`
+- NGINX version: `1.25.x` *
+- Kubernetes version: `1.21+`
+
+\*the installation manifests use the `nginx:1.25` image, which always points to the latest version of 1.25.x releases.
+
+CONTAINER IMAGES:
+- Control plane: `ghcr.io/nginxinc/nginx-kubernetes-gateway:0.5.0`
+
 ## Release 0.4.0
 
 *July 6, 2023*
diff --git a/README.md b/README.md
index bd64beb68..6befe5b15 100644
--- a/README.md
+++ b/README.md
@@ -22,7 +22,7 @@ Learn about our [design principles](/docs/developer/design-principles.md) and [a
 
 We publish NGINX Kubernetes Gateway releases on GitHub. See our [releases page](https://github.com/nginxinc/nginx-kubernetes-gateway/releases).
 
-The latest release is [0.4.0](https://github.com/nginxinc/kubernetes-ingress/releases/tag/v0.4.0).
+The latest release is [0.5.0](https://github.com/nginxinc/nginx-kubernetes-gateway/releases/tag/v0.5.0).
 
 The edge version is useful for experimenting with new features that are not yet published in a release. To use, choose the *edge* version built from the [latest commit](https://github.com/nginxinc/nginx-kubernetes-gateway/commits/main) from the main branch.
 
@@ -37,7 +37,7 @@ The table below summarizes the options regarding the images, manifests, document
 
 | Version | Description | Image | Installation Manifests | Documentation and Examples |
 |-|-|-|-|-|
-| Latest release | For experimental use | Use the 0.4.0 image from [GitHub](https://github.com/nginxinc/nginx-kubernetes-gateway/pkgs/container/nginx-kubernetes-gateway) | [Manifests](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/v0.4.0/deploy). | [Documentation](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/v0.4.0/docs). [Examples](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/v0.4.0/examples). |
+| Latest release | For experimental use | Use the 0.5.0 image from [GitHub](https://github.com/nginxinc/nginx-kubernetes-gateway/pkgs/container/nginx-kubernetes-gateway) | [Manifests](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/v0.5.0/deploy). | [Documentation](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/v0.5.0/docs). [Examples](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/v0.5.0/examples). |
 | Edge| For experimental use and latest features | Use the edge image from [GitHub](https://github.com/nginxinc/nginx-kubernetes-gateway/pkgs/container/nginx-kubernetes-gateway) | [Manifests](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/main/deploy). | [Documentation](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/main/docs). [Examples](https://github.com/nginxinc/nginx-kubernetes-gateway/tree/main/examples). |
 
 ## Technical Specifications
@@ -47,6 +47,7 @@ The following table lists the software versions NGINX Kubernetes Gateway support
 | NGINX Kubernetes Gateway | Gateway API | Kubernetes | NGINX OSS |
 |-|-|-|-|
 | Edge | 0.7.1 | 1.21+ | 1.25.x *|
+| 0.5.0 | 0.7.1 | 1.21+ | 1.25.x *|
 | 0.4.0 | 0.7.1 | 1.21+ | 1.25.x *|
 | 0.3.0 | 0.6.2 | 1.21+ | 1.23.x *|
 | 0.2.0 | 0.5.1 | 1.21+ | 1.21.x *|