diff --git a/docs/changelog.rst b/docs/changelog.rst
index d65c2d800..2def2b071 100644
--- a/docs/changelog.rst
+++ b/docs/changelog.rst
@@ -6,6 +6,51 @@ Changelog
 Starting with version 1.8.0, pybind11 releases use a `semantic versioning
 <http://semver.org>`_ policy.
 
+v2.5.0 (Mar 31, 2020)
+-----------------------------------------------------
+
+* Use C++17 fold expressions in type casters, if available. This can
+  improve performance during overload resolution when functions have
+  multiple arguments.
+  `#2043 <https://github.com/pybind/pybind11/pull/2043>`_.
+
+* Changed include directory resolution in ``pybind11/__init__.py``
+  and installation in ``setup.py``. This fixes a number of open issues
+  where pybind11 headers could not be found in certain environments.
+  `#1995 <https://github.com/pybind/pybind11/pull/1995>`_.
+
+* C++20 ``char8_t`` and ``u8string`` support. `#2026
+  <https://github.com/pybind/pybind11/pull/2026>`_.
+
+* CMake: search for Python 3.9. `bb9c91
+  <https://github.com/pybind/pybind11/commit/bb9c91>`_.
+
+* Fixes for MSYS-based build environments.
+  `#2087 <https://github.com/pybind/pybind11/pull/2087>`_,
+  `#2053 <https://github.com/pybind/pybind11/pull/2053>`_.
+
+* STL bindings for ``std::vector<...>::clear``. `#2074
+  <https://github.com/pybind/pybind11/pull/2074>`_.
+
+* Read-only flag for ``py::buffer``. `#1466
+  <https://github.com/pybind/pybind11/pull/1466>`_.
+
+* Exception handling during module initialization.
+  `bf2b031 <https://github.com/pybind/pybind11/commit/bf2b031>`_.
+
+* Support linking against a CPython debug build.
+  `#2025 <https://github.com/pybind/pybind11/pull/2025>`_.
+
+* Fixed issues involving the availability and use of aligned ``new`` and
+  ``delete``. `#1988 <https://github.com/pybind/pybind11/pull/1988>`_,
+  `759221 <https://github.com/pybind/pybind11/commit/759221>`_.
+
+* Fixed a resource leak upon interpreter shutdown.
+  `#2020 <https://github.com/pybind/pybind11/pull/2020>`_.
+
+* Fixed error handling in the boolean caster.
+  `#1976 <https://github.com/pybind/pybind11/pull/1976>`_.
+
 v2.4.3 (Oct 15, 2019)
 -----------------------------------------------------
 
diff --git a/docs/conf.py b/docs/conf.py
index a1e4e0058..fa6332de5 100644
--- a/docs/conf.py
+++ b/docs/conf.py
@@ -61,9 +61,9 @@ author = 'Wenzel Jakob'
 # built documents.
 #
 # The short X.Y version.
-version = '2.4'
+version = '2.5'
 # The full version, including alpha/beta/rc tags.
-release = '2.4.dev4'
+release = '2.5.0'
 
 # The language for content autogenerated by Sphinx. Refer to documentation
 # for a list of supported languages.
diff --git a/include/pybind11/detail/common.h b/include/pybind11/detail/common.h
index 362421dfe..e53f502d6 100644
--- a/include/pybind11/detail/common.h
+++ b/include/pybind11/detail/common.h
@@ -93,8 +93,8 @@
 #endif
 
 #define PYBIND11_VERSION_MAJOR 2
-#define PYBIND11_VERSION_MINOR 4
-#define PYBIND11_VERSION_PATCH dev4
+#define PYBIND11_VERSION_MINOR 5
+#define PYBIND11_VERSION_PATCH 0
 
 /// Include Python header, disable linking to pythonX_d.lib on Windows in debug mode
 #if defined(_MSC_VER)
diff --git a/pybind11/_version.py b/pybind11/_version.py
index 5bf3483d2..8d5aa5c76 100644
--- a/pybind11/_version.py
+++ b/pybind11/_version.py
@@ -1,2 +1,2 @@
-version_info = (2, 4, 'dev4')
+version_info = (2, 5, 0)
 __version__ = '.'.join(map(str, version_info))