diff --git a/helm-chart/flink-operator/Chart.yaml b/helm-chart/flink-operator/Chart.yaml
index 4d6cce83..0e05f412 100644
--- a/helm-chart/flink-operator/Chart.yaml
+++ b/helm-chart/flink-operator/Chart.yaml
@@ -2,7 +2,7 @@ apiVersion: v1
 name: flink-operator
 appVersion: "1.0"
 description: A Helm chart for flink on Kubernetes operator
-version: "0.4.2-beta.7"
+version: "0.5.0"
 keywords:
   - flink
 home: https://github.com/spotify/flink-on-k8s-operator
diff --git a/helm-chart/flink-operator/values.yaml b/helm-chart/flink-operator/values.yaml
index ab593ccb..ce3a9eb3 100644
--- a/helm-chart/flink-operator/values.yaml
+++ b/helm-chart/flink-operator/values.yaml
@@ -24,7 +24,7 @@ rbac:
 
 # The definition of the operator image
 operatorImage:
-  name: ghcr.io/spotify/flink-operator:v0.4.2-beta.7
+  name: ghcr.io/spotify/flink-operator:v0.5.0
   pullPolicy: IfNotPresent
 
 # The definition of the kube-rbac-proxy image