diff --git a/docs/conf.py b/docs/conf.py
index b9870b87a..a67a44a24 100644
--- a/docs/conf.py
+++ b/docs/conf.py
@@ -16,7 +16,7 @@
 project = 'Python SDK reference'
 copyright = '2024, Labelbox'
 author = 'Labelbox'
-release = '4.0.0'
+release = '5.0.0'
 
 # -- General configuration ---------------------------------------------------
 
diff --git a/libs/labelbox/CHANGELOG.md b/libs/labelbox/CHANGELOG.md
index ae97086c6..b2d41b56d 100644
--- a/libs/labelbox/CHANGELOG.md
+++ b/libs/labelbox/CHANGELOG.md
@@ -1,4 +1,14 @@
 # Changelog
+# Version 5.0.0 (2024-09-16)
+## Updated
+* Set tasks_remaining_count to None LabelingServiceDashboard if labeling has not started ([#1817](https://github.com/Labelbox/labelbox-python/pull/1817))
+* Improve error messaging when creating LLM project with invalid dataset id parameter([#1799](https://github.com/Labelbox/labelbox-python/pull/1799))
+## Removed
+* BREAKING CHANGE SDK methods for exports v1([#1800](https://github.com/Labelbox/labelbox-python/pull/1800))
+* BREAKING CHANGE Unused labelbox_v1 serialization package([#1803](https://github.com/Labelbox/labelbox-python/pull/1803))
+## Fixed
+* Cuid dependencies that cause a crash if numpy is not installed ([#1807](https://github.com/Labelbox/labelbox-python/pull/1807))
+
 # Version 4.0.0 (2024-09-10)
 ## Added
 * BREAKING CHANGE for pydantic V1 users: Converted SDK to use pydantic V2([#1738](https://github.com/Labelbox/labelbox-python/pull/1738))
diff --git a/libs/labelbox/pyproject.toml b/libs/labelbox/pyproject.toml
index 58ce3410a..f4c24af59 100644
--- a/libs/labelbox/pyproject.toml
+++ b/libs/labelbox/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "labelbox"
-version = "4.0.0"
+version = "5.0.0"
 description = "Labelbox Python API"
 authors = [{ name = "Labelbox", email = "engineering@labelbox.com" }]
 dependencies = [
diff --git a/libs/labelbox/src/labelbox/__init__.py b/libs/labelbox/src/labelbox/__init__.py
index 633e8f4c2..5b5ac1f67 100644
--- a/libs/labelbox/src/labelbox/__init__.py
+++ b/libs/labelbox/src/labelbox/__init__.py
@@ -1,6 +1,6 @@
 name = "labelbox"
 
-__version__ = "4.0.0"
+__version__ = "5.0.0"
 
 from labelbox.client import Client
 from labelbox.schema.project import Project