diff --git a/src/ruby/lib/grpc/version.rb b/src/ruby/lib/grpc/version.rb
index d4eb0ed24f6..513a53724f3 100644
--- a/src/ruby/lib/grpc/version.rb
+++ b/src/ruby/lib/grpc/version.rb
@@ -29,5 +29,5 @@
 
 # GRPC contains the General RPC module.
 module GRPC
-  VERSION = '0.0.1'
+  VERSION = '0.5.0'
 end