diff --git a/tensorflow_ranking/python/version.py b/tensorflow_ranking/python/version.py
index a03cf28..fa8d3a5 100644
--- a/tensorflow_ranking/python/version.py
+++ b/tensorflow_ranking/python/version.py
@@ -17,7 +17,7 @@
 # We follow Semantic Versioning (https://semver.org/)
 _MAJOR_VERSION = '0'
 _MINOR_VERSION = '5'
-_PATCH_VERSION = '0'
+_PATCH_VERSION = '1'
 
 # When building releases, we can update this value on the release branch to
 # reflect the current release candidate ('rc0', 'rc1') or, finally, the official
diff --git a/tensorflow_ranking/tools/pip_package/setup.py b/tensorflow_ranking/tools/pip_package/setup.py
index c450baa..36a1e3b 100644
--- a/tensorflow_ranking/tools/pip_package/setup.py
+++ b/tensorflow_ranking/tools/pip_package/setup.py
@@ -28,7 +28,7 @@
 # This version string is semver compatible, but incompatible with pip.
 # For pip, we will remove all '-' characters from this string, and use the
 # result for pip.
-_VERSION = '0.5.0'
+_VERSION = '0.5.1'
 
 REQUIRED_PACKAGES = [
     'absl-py >= 0.1.6',