diff --git a/README.md b/README.md
index 62f04fa..156c87c 100644
--- a/README.md
+++ b/README.md
@@ -6,7 +6,7 @@
 [coverity]: https://scan.coverity.com/projects/mcuboot
 [travis]: https://travis-ci.org/JuulLabs-OSS/mcuboot
 
-This is mcuboot version 1.4.0
+This is mcuboot version 1.5.0-rc1
 
 MCUboot is a secure bootloader for 32-bit MCUs. The goal of MCUboot is to
 define a common infrastructure for the bootloader, system flash layout on
diff --git a/docs/release-notes.md b/docs/release-notes.md
index 1d0f842..3aa12b9 100644
--- a/docs/release-notes.md
+++ b/docs/release-notes.md
@@ -3,6 +3,36 @@
 - Table of Contents
 {:toc}
 
+## Version 1.5.0
+
+The 1.5.0 release of MCUboot adds support for encrypted images using
+ECIES with secp256r1 as an Elliptic Curve alternative to RSA-OAEP. A
+new swap method was added which allows for upgrades without using a
+scratch partition. There are also lots of bug fixes, extra simulator
+testing coverage and some imgtool updates.
+
+### About this release
+
+- TLVs were updated to use 16-bit lengths (from previous 8). This
+  should work with no changes for little-endian targets, but will
+  break compatibility with big-endian targets.
+- A benchmark framework was added to Zephyr
+- ed25519 signature validation can now build without using mbedTLS
+  by relying on a bundled tinycrypt based sha-512 implementation.
+- imgtool was updated to correctly detect trailer overruns by image.
+- Encrypted image TLVs can be saved in swap metadata during a swap
+  upgrade instead of the plain AES key.
+- imgtool can dump private keys in C format (getpriv command), which
+  can be added as decryption keys. Optionally can remove superfluous
+  fields from the ASN1 by passing it `--minimal`.
+- Lots of other smaller bugs fixes.
+- Added downgrade prevention feature (available when the overwrite-based
+  image update strategy is used)
+
+### Known issues
+
+- TLV size change breaks compatibility with big-endian targets.
+
 ## Version 1.4.0
 
 The 1.4.0 release of MCUboot primarily adds support for multi-image
diff --git a/repository.yml b/repository.yml
index e7b3a9a..261f075 100644
--- a/repository.yml
+++ b/repository.yml
@@ -27,6 +27,7 @@
     "1.3.0": "v1.3.0"
     "1.3.1": "v1.3.1"
     "1.4.0": "v1.4.0"
+    "1.5.0": "v1.5.0-rc1"
 
     "0-dev": "0.0.0"        # master
     "0-latest": "1.3.1"     # latest stable release
diff --git a/scripts/imgtool/__init__.py b/scripts/imgtool/__init__.py
index c20fb4f..d4c08b8 100644
--- a/scripts/imgtool/__init__.py
+++ b/scripts/imgtool/__init__.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-imgtool_version = "1.5.0a2"
+imgtool_version = "1.5.0rc1"
diff --git a/version.yml b/version.yml
index 13e5152..0fd7496 100644
--- a/version.yml
+++ b/version.yml
@@ -19,4 +19,4 @@
 
 # Newt uses this file to determine the version of a checked out repo.
 # This should always be 0.0.0 in the master branch.
-repo.version: 0.0.0
+repo.version: 1.5.0