diff --git a/CHANGELOG.md b/CHANGELOG.md
index c92fd5199c..0910b38fce 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,20 +6,31 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 _**For better traceability add the corresponding GitHub issue number in each changelog entry, please.**_
 
-## [UNRELEASED]
+## [Unreleased]
+
+
+## [5.0.0] - 2024-04-16
 
 ### Added
 
 - SAMM models can now be added locally #488
 - Introduced new Cucumber Tests to cover Industry Core 2.0.0 compatibility #488
 
-### Changed
 
 ### Fixed
 
-- ClassCastException in exception handling of EdcSubmodelClientImp#getEndpointReferencesForAsset corrected (returns the exception as failed future now). #405
-- RestClientExceptions are handled correctly in BpdmFacade now. #405
+- Policy store API fixes. #199, #505
+  - Create policy request limited to create exactly one policy, not multiple (reason: error handling).
+  - Create policy request returns policy id of the created policy now.
+  - Harmonized policy store API between #199 and policy structure from #249.
+  - Consistent naming for business partner number parameters.
+  - Corrected default policy handling.
+  - Validation of business partner numbers. #505
 
+- ClassCastException in exception handling of EdcSubmodelClientImp#getEndpointReferencesForAsset corrected (returns the
+  exception as failed future now). #405
+- RestClientExceptions are handled correctly in BpdmFacade now. #405
+- Fixed Base64 encoding and decoding for locally provided Semantic Models #488
 
 ## [4.9.0] - 2024-04-03
 ### Added
@@ -28,9 +39,6 @@ _**For better traceability add the corresponding GitHub issue number in each cha
 ### Changed
 - IRS now supports Asset Administration Shell v3.1 - adjusted lookup shells endpoint changes (assetIds query param is encoded). #359
 - Support of building relationships based on SingleLevelBomAsBuilt v3.0.0 #488
-
-### Changed
-
 - Renamed item relationship service Helm chart from "irs-helm" to "item-relationship-service". #489
 
 
@@ -609,7 +617,9 @@ _**For better traceability add the corresponding GitHub issue number in each cha
 ### Unresolved
 - **Select Aspects you need**  You are able to select the needed aspects for which you want to collect the correct endpoint information.
 
-[Unreleased]: https://github.com/eclipse-tractusx/item-relationship-service/compare/4.8.0...HEAD
+[Unreleased]: https://github.com/eclipse-tractusx/item-relationship-service/compare/5.0.0...HEAD
+[5.0.0]: https://github.com/eclipse-tractusx/item-relationship-service/compare/4.9.0...5.0.0
+[4.9.0]: https://github.com/eclipse-tractusx/item-relationship-service/compare/4.8.0...4.9.0
 [4.8.0]: https://github.com/eclipse-tractusx/item-relationship-service/compare/4.7.0...4.8.0
 [4.7.0]: https://github.com/eclipse-tractusx/item-relationship-service/compare/4.6.0...4.7.0
 [4.6.0]: https://github.com/eclipse-tractusx/item-relationship-service/compare/4.5.2...4.6.0
diff --git a/charts/item-relationship-service/CHANGELOG.md b/charts/item-relationship-service/CHANGELOG.md
index e70c231ef5..9e0b67d74a 100644
--- a/charts/item-relationship-service/CHANGELOG.md
+++ b/charts/item-relationship-service/CHANGELOG.md
@@ -6,10 +6,13 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+
+## [7.0.0] - 2024-04-16
+
 ### Changed
 
 - Renamed item relationship service Helm chart from "irs-helm" to "item-relationship-service". #489
-
+- Update IRS version to 5.0.0
 
 ## [6.18.0] - 2024-04-03
 
diff --git a/docs/src/api/irs-api.yaml b/docs/src/api/irs-api.yaml
index 0e2af21a7a..e0704da682 100644
--- a/docs/src/api/irs-api.yaml
+++ b/docs/src/api/irs-api.yaml
@@ -3,7 +3,7 @@ info:
   description: The API of the Item Relationship Service (IRS) for retrieving item
     graphs along the value chain of CATENA-X partners.
   title: IRS API
-  version: 4.9.0
+  version: 5.0.0
 servers:
 - url: http://localhost:8080
 security:
diff --git a/irs-api/src/main/java/org/eclipse/tractusx/irs/IrsApplication.java b/irs-api/src/main/java/org/eclipse/tractusx/irs/IrsApplication.java
index 691d58714f..0971e3657d 100644
--- a/irs-api/src/main/java/org/eclipse/tractusx/irs/IrsApplication.java
+++ b/irs-api/src/main/java/org/eclipse/tractusx/irs/IrsApplication.java
@@ -59,7 +59,7 @@ public class IrsApplication {
     /**
      * The IRS API version.
      */
-    public static final String API_VERSION = "4.9.0";
+    public static final String API_VERSION = "5.0.0";
 
     /**
      * The URL prefix for IRS API URLs.