diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 93411bfd5666..da74b2999338 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -321,7 +321,7 @@
   "google-cloud-functions+FILLER": "0.0.0",
   "google-cloud-functions-v1": "0.11.0",
   "google-cloud-functions-v1+FILLER": "0.0.0",
-  "google-cloud-functions-v2": "0.4.1",
+  "google-cloud-functions-v2": "0.5.0",
   "google-cloud-functions-v2+FILLER": "0.0.0",
   "google-cloud-gaming": "1.3.0",
   "google-cloud-gaming+FILLER": "0.0.0",
diff --git a/google-cloud-functions-v2/CHANGELOG.md b/google-cloud-functions-v2/CHANGELOG.md
index b4feae7f7026..2a0c40b381b1 100644
--- a/google-cloud-functions-v2/CHANGELOG.md
+++ b/google-cloud-functions-v2/CHANGELOG.md
@@ -1,5 +1,11 @@
 # Changelog
 
+### 0.5.0 (2023-09-12)
+
+#### Features
+
+* Support for channel pool configuration ([#22920](https://github.com/googleapis/google-cloud-ruby/issues/22920)) 
+
 ### 0.4.1 (2023-06-06)
 
 #### Bug Fixes
diff --git a/google-cloud-functions-v2/lib/google/cloud/functions/v2/version.rb b/google-cloud-functions-v2/lib/google/cloud/functions/v2/version.rb
index 3c3a3b35c1db..d2818d82b162 100644
--- a/google-cloud-functions-v2/lib/google/cloud/functions/v2/version.rb
+++ b/google-cloud-functions-v2/lib/google/cloud/functions/v2/version.rb
@@ -21,7 +21,7 @@ module Google
   module Cloud
     module Functions
       module V2
-        VERSION = "0.4.1"
+        VERSION = "0.5.0"
       end
     end
   end
diff --git a/google-cloud-functions-v2/snippets/snippet_metadata_google.cloud.functions.v2.json b/google-cloud-functions-v2/snippets/snippet_metadata_google.cloud.functions.v2.json
index 6ec71458cadb..dd504e27716f 100644
--- a/google-cloud-functions-v2/snippets/snippet_metadata_google.cloud.functions.v2.json
+++ b/google-cloud-functions-v2/snippets/snippet_metadata_google.cloud.functions.v2.json
@@ -1,7 +1,7 @@
 {
   "client_library": {
     "name": "google-cloud-functions-v2",
-    "version": "0.4.1",
+    "version": "0.5.0",
     "language": "RUBY",
     "apis": [
       {