diff --git a/CMakeLists.txt b/CMakeLists.txt
index a4a864c2..d11d21f9 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -105,8 +105,8 @@ set(MultiMC_NEWS_RSS_URL "http://multimc.org/rss.xml" CACHE STRING "URL to fetch
 
 ######## Set version numbers ########
 set(MultiMC_VERSION_MAJOR	 0)
-set(MultiMC_VERSION_MINOR	 4)
-set(MultiMC_VERSION_HOTFIX   2)
+set(MultiMC_VERSION_MINOR	 5)
+set(MultiMC_VERSION_HOTFIX   0)
 
 # Build number
 set(MultiMC_VERSION_BUILD -1 CACHE STRING "Build number. -1 for no build number.")
diff --git a/changelog.md b/changelog.md
index ca675338..428da158 100644
--- a/changelog.md
+++ b/changelog.md
@@ -1,5 +1,8 @@
 #MultiMC Changelog
 
+##0.5.0
+- In development...
+
 ##0.4.3
 - Fix for issues with Minecraft version file updates
 - Fix for console window related memory leak