diff --git a/python/ray/__init__.py b/python/ray/__init__.py
index 93518b439928..1fcff76f4e3f 100644
--- a/python/ray/__init__.py
+++ b/python/ray/__init__.py
@@ -62,7 +62,7 @@
 
 # Ray version string. TODO(rkn): This is also defined separately in setup.py.
 # Fix this.
-__version__ = "0.5.1"
+__version__ = "0.5.2"
 
 __all__ = [
     "error_info", "init", "connect", "disconnect", "get", "put", "wait",
diff --git a/python/setup.py b/python/setup.py
index d1bbaa82c3dd..e8f57918ca49 100644
--- a/python/setup.py
+++ b/python/setup.py
@@ -124,7 +124,7 @@ def has_ext_modules(self):
 setup(
     name="ray",
     # The version string is also in __init__.py. TODO(pcm): Fix this.
-    version="0.5.1",
+    version="0.5.2",
     packages=find_packages(),
     cmdclass={"build_ext": build_ext},
     # The BinaryDistribution argument triggers build_ext.