diff --git a/README.md b/README.md
index 816acc4b20..94b9ca2e71 100644
--- a/README.md
+++ b/README.md
@@ -106,14 +106,16 @@ hope MMEditing could provide better experience.
 
 ### 🌟 Preview of 1.x version
 
-A brand new version of [**MMEditing v1.0.0rc4**](https://github.com/open-mmlab/mmediting/releases/tag/v1.0.0rc4) was released in 05/12/2022:
+A brand new version of [**MMEditing v1.0.0rc5**](https://github.com/open-mmlab/mmediting/releases/tag/v1.0.0rc5) was released in 03/01/2023:
 
-- Support Text2Image Task! [Disco-Diffusion](configs/disco_diffusion/README.md)
-- Support 3D-aware Generation Task! [EG3D](configs/eg3d/README.md)
+- Support well-known text-to-image method [Stable Diffusion](configs/stable_diffusion/README.md)!
+- Support an efficient image restoration algorithm [Restormer](configs/restormer/README.md)!
+- Support a new text-to-image algorithm [GLIDE](projects/glide/configs/README.md)!
+- Support swin based image restoration algorithm [SwinIR](configs/swinir/README.md)!
+- [Projects](projects/README.md) is opened for community to add projects to MMEditing.
 - Support all the tasks, models, metrics, and losses in [MMGeneration](https://github.com/open-mmlab/mmgeneration) 😍.
 - Unifies interfaces of all components based on [MMEngine](https://github.com/open-mmlab/mmengine).
 - Support patch-based and slider-based image and video comparison viewer.
-- Support image colorization.
 
 Find more new features in [1.x branch](https://github.com/open-mmlab/mmediting/tree/1.x). Issues and PRs are welcome!
 
diff --git a/README_zh-CN.md b/README_zh-CN.md
index 03e7bca01d..6b44cf8c0e 100644
--- a/README_zh-CN.md
+++ b/README_zh-CN.md
@@ -105,14 +105,16 @@ MMEditing 缜密地设计新的框架并将其精心实现，希望能够为您
 
 ### 🌟 1.x 预览版本
 
-全新的 [**MMEditing v1.0.0rc4**](https://github.com/open-mmlab/mmediting/releases/tag/v1.0.0rc4) 已经在 05/12/2022 发布:
+全新的 [**MMEditing v1.0.0rc5**](https://github.com/open-mmlab/mmediting/releases/tag/v1.0.0rc4) 已经在 03/01/2022 发布:
 
-- 支持了图文生成任务! [Disco-Diffusion](configs/disco_diffusion/README.md)
-- 支持了3D级图像生成任务! [EG3D](configs/eg3d/README.md)
+- 支持了著名的文本生成图像方法 [stable diffusion](configs/stable_diffusion/README.md)!
+- 支持了一个高效的图像复原算法 [Restormer](configs/restormer/README.md)!
+- 支持了一个新的文本到图像生成算法 [GLIDE](projects/glide/configs/README.md)!
+- 支持了基于swin的图像复原算法 [SwinIR](configs/swinir/README.md)!
+- 开启了[projects](projects/README.md)以便社区用户添加新的项目到MMEditing.
 - 支持[MMGeneration](https://github.com/open-mmlab/mmgeneration)中的全量任务、模型、优化函数和评价指标 😍。
 - 基于[MMEngine](https://github.com/open-mmlab/mmengine)统一了各组件接口。
 - 支持基于图像子块以及滑动条的图像和视频比较可视化工具。
-- 支持图像上色任务。
 
 在[1.x 分支](https://github.com/open-mmlab/mmediting/tree/1.x)中发现更多特性！欢迎提 Issues 和 PRs！
 
diff --git a/docs/en/changelog.md b/docs/en/changelog.md
index a48d8d67a1..cd60b0fac5 100644
--- a/docs/en/changelog.md
+++ b/docs/en/changelog.md
@@ -1,5 +1,52 @@
 # Changelog
 
+## v1.0.0rc5 (03/01/2023)
+
+**Highlights**
+We are excited to announce the release of MMEditing 1.0.0rc4. This release supports 49+ models, 180+ configs and 177+ checkpoints in MMGeneration and MMEditing. We highlight the following new features
+
+- Support Restormer
+- Support GLIDE
+- Support SwinIR
+- Support Stable Diffusion
+
+**New Features & Improvements**
+
+- Disco notebook.(#1507)
+- Revise test requirements and CI.(#1514)
+- Recursive generate summary and docstring.(#1517)
+- Enable projects.(#1526)
+- Support mscoco dataset.(#1520)
+- Improve Chinese documents.(#1532)
+- Type hints.(#1481)
+- Update download link.(#1554)
+- Update deployment guide.(#1551)
+
+**Bug Fixes**
+
+- Fix documentation link checker.(#1522)
+- Fix ssim first channel bug.(#1515)
+- Fix restormer ut.(#1550)
+- Fix extract_gt_data of realesrgan.(#1542)
+- Fix model index.(#1559)
+- Fix config path in disco-diffusion.(#1553)
+- Fix text2image inferencer.(#1523)
+
+**Contributors**
+A total of 16 developers contributed to this release.
+Thanks @plyfager, @LeoXing1996, @Z-Fran, @zengyh1900, @VongolaWu, @liuwenran, @AlexZou14, @lvhan028, @xiaomile, @ldr426, @austin273, @whu-lee, @willaty, @curiosity654, @Zdafeng, @Taited
+
+**New Contributors**
+
+- @xiaomile made their first contribution in https://github.com/open-mmlab/mmediting/pull/1481
+- @ldr426 made their first contribution in https://github.com/open-mmlab/mmediting/pull/1542
+- @austin273 made their first contribution in https://github.com/open-mmlab/mmediting/pull/1553
+- @whu-lee made their first contribution in https://github.com/open-mmlab/mmediting/pull/1539
+- @willaty made their first contribution in https://github.com/open-mmlab/mmediting/pull/1541
+- @curiosity654 made their first contribution in https://github.com/open-mmlab/mmediting/pull/1556
+- @Zdafeng made their first contribution in https://github.com/open-mmlab/mmediting/pull/1476
+- @Taited made their first contribution in https://github.com/open-mmlab/mmediting/pull/1534
+
 ## v1.0.0rc4 (05/12/2022)
 
 **Highlights**
diff --git a/mmedit/version.py b/mmedit/version.py
index 962d0e4efe..3712b40685 100644
--- a/mmedit/version.py
+++ b/mmedit/version.py
@@ -1,6 +1,6 @@
 # Copyright (c) Open-MMLab. All rights reserved.
 
-__version__ = '1.0.0rc4'
+__version__ = '1.0.0rc5'
 
 
 def parse_version_info(version_str):