diff --git a/charts/pulsar-resources-operator/Chart.yaml b/charts/pulsar-resources-operator/Chart.yaml
index e030d308..15a1dadd 100644
--- a/charts/pulsar-resources-operator/Chart.yaml
+++ b/charts/pulsar-resources-operator/Chart.yaml
@@ -36,7 +36,7 @@ version: v0.5.0
 # incremented each time you make changes to the application. Versions are not expected to
 # follow Semantic Versioning. They should reflect the version the application is using.
 # It is recommended to use it with quotes.
-appVersion: "v0.5.0-rc.2"
+appVersion: "v0.5.0"
 
 # This is a semver range of compatible Kubernetes versions. Helm will validate the version
 # constraints when installing the chart and fail if the cluster runs an unsupported Kubernetes version
diff --git a/charts/pulsar-resources-operator/tests/deployment_test.yaml b/charts/pulsar-resources-operator/tests/deployment_test.yaml
index 210daa1a..f42d3d90 100644
--- a/charts/pulsar-resources-operator/tests/deployment_test.yaml
+++ b/charts/pulsar-resources-operator/tests/deployment_test.yaml
@@ -31,7 +31,7 @@ tests:
           value: gcr.io/kubebuilder/kube-rbac-proxy:v0.14.4
       - equal:
           path: spec.template.spec.containers[1].image
-          value: docker.io/streamnative/pulsar-resources-operator:v0.4.12
+          value: docker.io/streamnative/pulsar-resources-operator:v0.5.0
       - equal:
           path: spec.template.spec.containers[1].imagePullPolicy
           value: IfNotPresent
@@ -57,11 +57,11 @@ tests:
 
   - it: should update the image version successfully
     set:
-      image.manager.tag: v0.4.12
+      image.manager.tag: v0.5.0
     asserts:
       - equal:
           path: spec.template.spec.containers[1].image
-          value: docker.io/streamnative/pulsar-resources-operator:v0.4.12
+          value: docker.io/streamnative/pulsar-resources-operator:v0.5.0
 
   - it: should update the replicas successfully
     set: