diff --git a/CHANGELOG.md b/CHANGELOG.md
index d0ed1319cbee..7279fc5840f6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,4 +1,35 @@
-## Forest v0.5.0 (unreleased, scheduled for 2022-12-30)
+## Forest v0.6.0 (unreleased, scheduled for 2022-12-30)
+
+## Forest v0.5.0 (unreleased, scheduled for 2022-12-01)
+
+Notable updates:
+* Support for nv17.
+* Forest was split into two programs: a Filecoin node (forest), and a control
+  program (forest-cli).
+* Improved snapshot importing performance: ~75% reduction in snapshot import time.
+* Improved code building time: ~45% reduction in build time.
+* Code coverage increased from 32% to 63%.
+
+### Added
+* Support for nv17 on both calibnet and mainnet.
+* Experimental support for ParityDB.
+* Improved snapshot handling via the `forest-cli snapshot` commands.
+* Support using `aria2` for faster snapshot downloads.
+* Support for sending FIL.
+### Changed
+* Replace async_std with tokio.
+* Significantly improve tracked performance metrics.
+* Gracefully shutdown the database on sigterm and sighup.
+* Fix gas charging issue that caused state-root mismatches on mainnet.
+* Snapshots are automatically downloaded if the database is empty.
+* Improve error messages if a snapshot doesn't match the requested network.
+* Add `--color=[always;auto;never]` flag.
+### Removed
+* Fat snapshots (snapshots that contain all transaction receipts since genesis)
+  have been deprecated in favor of slim snapshots where receipts are downloaded
+  on demand.
+* All security advistory exceptions. Forest's dependencies are now free of known
+  vulnerabilities.
 
 ## Forest v0.4.1 (2022-10-04)
 
diff --git a/Cargo.lock b/Cargo.lock
index c45cc91031bb..e72b85339e37 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2733,7 +2733,7 @@ checksum = "3f9eec918d3f24069decb9af1554cad7c880e2da24a9afd88aca000531ab82c1"
 
 [[package]]
 name = "forest-cli"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "assert_cmd",
@@ -2800,7 +2800,7 @@ dependencies = [
 
 [[package]]
 name = "forest-daemon"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "atty",
diff --git a/documentation/developer_documentation/RELEASE_CHECKLIST.md b/documentation/developer_documentation/RELEASE_CHECKLIST.md
new file mode 100644
index 000000000000..7c8cae7b4a8d
--- /dev/null
+++ b/documentation/developer_documentation/RELEASE_CHECKLIST.md
@@ -0,0 +1,28 @@
+Forest follows a fixed, quarterly release schedule. On the last week of each
+quarter, a new version is always released. This is supplemented with additional
+releases for bug fixes and special features. A "release officer" is appointed
+for each release and they are responsible for either following the checklist or,
+in case of absense, passing the task to a different team member.
+
+1. Update the CHANGELOG.md file to reflect all changes and preferably write a
+   small summary about the most notable updates. The changelog should follow the
+   design philosophy outlined here: https://keepachangelog.com/en/1.0.0/. Go
+   through the output of `git log` and remember that the audience of the
+   CHANGELOG does not have intimate knowledge of the Forest code-base. All the
+   changed/updated/removed features should be reasonably understandable to an
+   end-user.
+2. Update that version of the crates that are to be released. Forest contains
+   many crates so you may need to update many Cargo.toml files. If you're
+   working on a patch release, make sure that there are no breaking changes.
+   Cherry-picking of patches may be necessary.
+3. Run the manual tests steps outlined in the TEST_PLAN.md. Caveat: Right now
+   there are no manual test steps so this step can be skipped.
+4. Once the changes in step 1 and step 2 have been merged, tag the commit with
+   the new version number. The version tag should start with a lowercase 'v'.
+   Example: v0.4.1
+5. (NOT YET APPLICABLE) Publish new crates on crates.io.
+6. Go to https://github.com/ChainSafe/forest/releases/new and create a new
+   release. Use the tag created in step 4, follow the title convention of the
+   previous releases, and write a small summary of the release (similar or
+   identical to the summary in the CHANGELOG.md file).
+7. Verify that the new release contains assets for both Linux and MacOS.
diff --git a/forest/cli/Cargo.toml b/forest/cli/Cargo.toml
index bcb8600edae0..eca4aa74f4cf 100644
--- a/forest/cli/Cargo.toml
+++ b/forest/cli/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "forest-cli"
-version = "0.4.1"
+version = "0.5.0"
 authors = ["ChainSafe Systems <info@chainsafe.io>"]
 description = "Filecoin implementation in Rust. This crate contains all the subcommands except the daemon."
 edition = "2021"
diff --git a/forest/daemon/Cargo.toml b/forest/daemon/Cargo.toml
index 6e838f7e471b..a7cfc84256f9 100644
--- a/forest/daemon/Cargo.toml
+++ b/forest/daemon/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "forest-daemon"
-version = "0.4.1"
+version = "0.5.0"
 authors = ["ChainSafe Systems <info@chainsafe.io>"]
 description = "Filecoin implementation in Rust. This command will start the daemon process."
 edition = "2021"