diff --git a/build-tools/docker/Dockerfile b/build-tools/docker/Dockerfile
index eb990c2e..413a6774 100644
--- a/build-tools/docker/Dockerfile
+++ b/build-tools/docker/Dockerfile
@@ -24,7 +24,7 @@ RUN --mount=type=cache,target=/home/gradle/.gradle/caches gradle --no-daemon cle
 
 FROM azul/zulu-openjdk:24-jre
 
-ARG APP_VERSION=0.4.0-SNAPSHOT
+ARG APP_VERSION=0.5.0-SNAPSHOT
 ARG SPARK_UID=185
 
 LABEL org.opencontainers.image.authors="Apache Spark project <dev@spark.apache.org>"
diff --git a/build-tools/helm/spark-kubernetes-operator/Chart.yaml b/build-tools/helm/spark-kubernetes-operator/Chart.yaml
index 45b8e60c..6816e7b1 100644
--- a/build-tools/helm/spark-kubernetes-operator/Chart.yaml
+++ b/build-tools/helm/spark-kubernetes-operator/Chart.yaml
@@ -14,8 +14,8 @@
 # limitations under the License.
 apiVersion: v2
 name: spark-kubernetes-operator
-version: 1.2.0-dev
-appVersion: 0.4.0-SNAPSHOT
+version: 1.3.0-dev
+appVersion: 0.5.0-SNAPSHOT
 description: The official Helm chart to deploy Apache Spark, an unified engine for large-scale data analytics
 type: application
 home: https://apache.github.io/spark-kubernetes-operator/
diff --git a/build-tools/helm/spark-kubernetes-operator/values.yaml b/build-tools/helm/spark-kubernetes-operator/values.yaml
index 8406f18d..b1b540aa 100644
--- a/build-tools/helm/spark-kubernetes-operator/values.yaml
+++ b/build-tools/helm/spark-kubernetes-operator/values.yaml
@@ -16,7 +16,7 @@
 image:
   repository: apache/spark-kubernetes-operator
   pullPolicy: IfNotPresent
-  tag: 0.4.0-SNAPSHOT
+  tag: 0.5.0-SNAPSHOT
   # If image digest is set then it takes precedence and the image tag will be ignored
   # digest: ""
 
diff --git a/build.gradle b/build.gradle
index df0b85c1..256b6bf4 100644
--- a/build.gradle
+++ b/build.gradle
@@ -34,7 +34,7 @@ assert JavaVersion.current().isCompatibleWith(JavaVersion.VERSION_17): "Java 17
 
 allprojects {
   group = "org.apache.spark.k8s.operator"
-  version = "0.4.0-SNAPSHOT"
+  version = "0.5.0-SNAPSHOT"
 }
 
 tasks.register('buildDockerImage', Exec) {
diff --git a/docs/operations.md b/docs/operations.md
index 03691626..2cfdb840 100644
--- a/docs/operations.md
+++ b/docs/operations.md
@@ -63,7 +63,7 @@ following table:
 |---------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|
 | image.repository                                              | The image repository of spark-kubernetes-operator.                                                                                                                             | apache/spark-kubernetes-operator                                                                               |
 | image.pullPolicy                                              | The image pull policy of spark-kubernetes-operator.                                                                                                                            | IfNotPresent                                                                                            |
-| image.tag                                                     | The image tag of spark-kubernetes-operator.                                                                                                                                    | 0.4.0-SNAPSHOT                                                                                          |
+| image.tag                                                     | The image tag of spark-kubernetes-operator.                                                                                                                                    | 0.5.0-SNAPSHOT                                                                                          |
 | image.digest                                                  | The image digest of spark-kubernetes-operator. If set then it takes precedence and the image tag will be ignored.                                                              |                                                                                                         |
 | imagePullSecrets                                              | The image pull secrets of spark-kubernetes-operator.                                                                                                                           |                                                                                                         |
 | operatorDeployment.replica                                    | Operator replica count. Must be 1 unless leader election is configured.                                                                                                        | 1                                                                                                       |
diff --git a/tests/e2e/watched-namespaces/spark-operator-dynamic-config-1.yaml b/tests/e2e/watched-namespaces/spark-operator-dynamic-config-1.yaml
index 460cf76d..0df27044 100644
--- a/tests/e2e/watched-namespaces/spark-operator-dynamic-config-1.yaml
+++ b/tests/e2e/watched-namespaces/spark-operator-dynamic-config-1.yaml
@@ -28,7 +28,7 @@ metadata:
     app.kubernetes.io/component: operator-dynamic-config-overrides
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/name: spark-kubernetes-operator
-    app.kubernetes.io/version: 0.4.0-SNAPSHOT
-    helm.sh/chart: spark-kubernetes-operator-1.2.0-dev
+    app.kubernetes.io/version: 0.5.0-SNAPSHOT
+    helm.sh/chart: spark-kubernetes-operator-1.3.0-dev
   name: spark-kubernetes-operator-dynamic-configuration
   namespace: default
diff --git a/tests/e2e/watched-namespaces/spark-operator-dynamic-config-2.yaml b/tests/e2e/watched-namespaces/spark-operator-dynamic-config-2.yaml
index c9adec7e..20152c04 100644
--- a/tests/e2e/watched-namespaces/spark-operator-dynamic-config-2.yaml
+++ b/tests/e2e/watched-namespaces/spark-operator-dynamic-config-2.yaml
@@ -28,7 +28,7 @@ metadata:
     app.kubernetes.io/component: operator-dynamic-config-overrides
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/name: spark-kubernetes-operator
-    app.kubernetes.io/version: 0.4.0-SNAPSHOT
-    helm.sh/chart: spark-kubernetes-operator-1.2.0-dev
+    app.kubernetes.io/version: 0.5.0-SNAPSHOT
+    helm.sh/chart: spark-kubernetes-operator-1.3.0-dev
   name: spark-kubernetes-operator-dynamic-configuration
   namespace: default