diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7d4dd94c..6f486f35 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,20 @@
 
 All versions are tagged by the major Postgres version, plus an individual semver for this library itself.
 
+## 16-5.0.0   2023-12-22
+
+* Update to Postgres 16.1
+* Drop support for arbitrary trailing junk on integer literals
+  - Support for parsing junk after parameters, e.g. `$1OR` is retained
+* Deparser:
+  - Fix deparsing of `SYSTEM_USER`
+  - Add support for deparsing `STORAGE` mode
+  - Add support for deparsing `REVOKE ... CASCADE`
+  - Rework a_expr/b_expr/c_expr deparsing to match gram.y structure
+  - Add support for deparsing `COMPRESSION` option for columns
+  - Add support for deparsing `NULLS NOT DISTINCT` in unique constraints
+  - Add support for deparsing new SQL/JSON functionality
+
 ## 15-4.2.4   2023-12-20
 
 * Scanner: Add token `ASCII_36` ("$") to support queries like "SELECT $identifier" [#211](https://github.com/pganalyze/libpg_query/pull/211), [#219](https://github.com/pganalyze/libpg_query/pull/219)
diff --git a/Makefile b/Makefile
index 61efd291..75d42e17 100644
--- a/Makefile
+++ b/Makefile
@@ -10,7 +10,7 @@ PG_VERSION = 16.1
 PG_VERSION_MAJOR = $(call word-dot,$(PG_VERSION),1)
 PROTOC_VERSION = 25.1
 
-VERSION = 4.2.3
+VERSION = 5.0.0
 VERSION_MAJOR = $(call word-dot,$(VERSION),1)
 VERSION_MINOR = $(call word-dot,$(VERSION),2)
 VERSION_PATCH = $(call word-dot,$(VERSION),3)
diff --git a/README.md b/README.md
index be37c037..d3a330ca 100644
--- a/README.md
+++ b/README.md
@@ -12,7 +12,7 @@ You can find further background to why a query's parse tree is useful here: http
 ## Installation
 
 ```sh
-git clone -b 15-latest git://github.com/pganalyze/libpg_query
+git clone -b 16-latest git://github.com/pganalyze/libpg_query
 cd libpg_query
 make
 ```
@@ -51,7 +51,7 @@ This will output the parse tree (whitespace adjusted here for better readability
 
 ```json
 {
-    "version": 150001,
+    "version": 160001,
     "stmts": [
         {
             "stmt": {
@@ -124,7 +124,7 @@ int main() {
 This will output the following:
 
 ```
-  version: 150001, tokens: 7, size: 77
+  version: 160001, tokens: 7, size: 77
   "SELECT" = [ 0, 6, SELECT, RESERVED_KEYWORD ]
   "update" = [ 7, 13, UPDATE, UNRESERVED_KEYWORD ]
   "AS" = [ 14, 16, AS, RESERVED_KEYWORD ]
@@ -231,7 +231,8 @@ Each major version is maintained in a dedicated git branch. Only the latest Post
 
 | PostgreSQL Major Version | Branch     | Status              |
 |--------------------------|------------|---------------------|
-| 15                       | 15-latest  | Active development  |
+| 16                       | 16-latest  | Active development  |
+| 15                       | 15-latest  | Critical fixes only |
 | 14                       | 14-latest  | Critical fixes only |
 | 13                       | 13-latest  | Critical fixes only |
 | 12                       | (n/a)      | Not supported       |