diff --git a/meson.build b/meson.build
index 304e6330f..dc4ff2484 100644
--- a/meson.build
+++ b/meson.build
@@ -1,7 +1,7 @@
 project(
 	'wlroots',
 	'c',
-	version: '0.4.1',
+	version: '0.5.0',
 	license: 'MIT',
 	meson_version: '>=0.48.0',
 	default_options: [
@@ -14,7 +14,7 @@ project(
 # Format of so_version is CURRENT, REVISION, AGE.
 # See: https://autotools.io/libtool/version.html
 # for a reference about clean library versioning.
-so_version = ['1', '2', '0']
+so_version = ['2', '3', '1']
 
 add_project_arguments([
 	'-DWLR_SRC_DIR="@0@"'.format(meson.current_source_dir()),