diff --git a/integration_tests/graalvm_tests/pom.xml b/integration_tests/graalvm_tests/pom.xml
index 92f7dc2a78..59e7b5ba8f 100644
--- a/integration_tests/graalvm_tests/pom.xml
+++ b/integration_tests/graalvm_tests/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <groupId>org.apache.fury</groupId>
     <artifactId>fury-parent</artifactId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
     <relativePath>../../java</relativePath>
   </parent>
   <modelVersion>4.0.0</modelVersion>
diff --git a/integration_tests/jdk_compatibility_tests/pom.xml b/integration_tests/jdk_compatibility_tests/pom.xml
index 33a42d80c0..a698375379 100644
--- a/integration_tests/jdk_compatibility_tests/pom.xml
+++ b/integration_tests/jdk_compatibility_tests/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <groupId>org.apache.fury</groupId>
     <artifactId>fury-parent</artifactId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
     <relativePath>../../java</relativePath>
   </parent>
   <modelVersion>4.0.0</modelVersion>
diff --git a/integration_tests/jpms_tests/pom.xml b/integration_tests/jpms_tests/pom.xml
index 74e1e02973..6b24b4a98b 100644
--- a/integration_tests/jpms_tests/pom.xml
+++ b/integration_tests/jpms_tests/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <groupId>org.apache.fury</groupId>
     <artifactId>fury-parent</artifactId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
     <relativePath>../../java</relativePath>
   </parent>
   <modelVersion>4.0.0</modelVersion>
diff --git a/integration_tests/latest_jdk_tests/pom.xml b/integration_tests/latest_jdk_tests/pom.xml
index dca2a9ad0c..0adfe477df 100644
--- a/integration_tests/latest_jdk_tests/pom.xml
+++ b/integration_tests/latest_jdk_tests/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <groupId>org.apache.fury</groupId>
     <artifactId>fury-parent</artifactId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
     <relativePath>../../java</relativePath>
   </parent>
   <modelVersion>4.0.0</modelVersion>
diff --git a/java/benchmark/pom.xml b/java/benchmark/pom.xml
index 902171b765..b6052471b7 100644
--- a/java/benchmark/pom.xml
+++ b/java/benchmark/pom.xml
@@ -26,7 +26,7 @@
   <parent>
     <artifactId>fury-parent</artifactId>
     <groupId>org.apache.fury</groupId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
   </parent>
 
   <artifactId>benchmark</artifactId>
diff --git a/java/fury-core/pom.xml b/java/fury-core/pom.xml
index 2b2a426ca9..57267c3568 100644
--- a/java/fury-core/pom.xml
+++ b/java/fury-core/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <groupId>org.apache.fury</groupId>
     <artifactId>fury-parent</artifactId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
   </parent>
   <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/fury-format/pom.xml b/java/fury-format/pom.xml
index c39d76ecad..fd38702561 100644
--- a/java/fury-format/pom.xml
+++ b/java/fury-format/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <groupId>org.apache.fury</groupId>
     <artifactId>fury-parent</artifactId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
   </parent>
   <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/fury-test-core/pom.xml b/java/fury-test-core/pom.xml
index db081dbf26..dea7eb275d 100644
--- a/java/fury-test-core/pom.xml
+++ b/java/fury-test-core/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <artifactId>fury-parent</artifactId>
     <groupId>org.apache.fury</groupId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
   </parent>
   <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/fury-testsuite/pom.xml b/java/fury-testsuite/pom.xml
index 112d6e1f2c..3e1e993df1 100644
--- a/java/fury-testsuite/pom.xml
+++ b/java/fury-testsuite/pom.xml
@@ -25,7 +25,7 @@
   <parent>
     <artifactId>fury-parent</artifactId>
     <groupId>org.apache.fury</groupId>
-    <version>0.5.0-SNAPSHOT</version>
+    <version>0.5.0-rc2</version>
   </parent>
   <modelVersion>4.0.0</modelVersion>
 
diff --git a/java/pom.xml b/java/pom.xml
index bda70865da..b9e9b173f9 100644
--- a/java/pom.xml
+++ b/java/pom.xml
@@ -33,7 +33,7 @@
   <groupId>org.apache.fury</groupId>
   <artifactId>fury-parent</artifactId>
   <packaging>pom</packaging>
-  <version>0.5.0-SNAPSHOT</version>
+  <version>0.5.0-rc2</version>
   <name>Fury Project Parent POM</name>
   <description>
     Apache Fury™ is a blazingly fast multi-language serialization framework powered by jit and zero-copy.
diff --git a/javascript/packages/fury/package.json b/javascript/packages/fury/package.json
index 11b6d777e9..8841d6ec71 100644
--- a/javascript/packages/fury/package.json
+++ b/javascript/packages/fury/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@furyjs/fury",
-  "version": "0.5.9-beta",
+  "version": "0.5.0-rc.2",
   "description": "Apache Fury™(incubating) is a blazingly fast multi-language serialization framework powered by jit and zero-copy",
   "main": "dist/index.js",
   "scripts": {
diff --git a/javascript/packages/hps/package.json b/javascript/packages/hps/package.json
index db6e4c91b8..362dd79e0b 100644
--- a/javascript/packages/hps/package.json
+++ b/javascript/packages/hps/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@furyjs/hps",
-  "version": "0.5.0.dev",
+  "version": "0.5.0-rc.2",
   "description": "Apache Fury™(incubating) nodejs high-performance suite",
   "main": "dist/index.js",
   "files": [
diff --git a/python/pyfury/__init__.py b/python/pyfury/__init__.py
index 1b0aacefc8..62dc222e1c 100644
--- a/python/pyfury/__init__.py
+++ b/python/pyfury/__init__.py
@@ -71,4 +71,4 @@
 except (AttributeError, ImportError):
     pass
 
-__version__ = "0.5.0.dev"
+__version__ = "0.5.0rc2"
diff --git a/rust/Cargo.toml b/rust/Cargo.toml
index a874c97cc6..0d4557e315 100644
--- a/rust/Cargo.toml
+++ b/rust/Cargo.toml
@@ -29,7 +29,7 @@ exclude = [
 resolver = "2"
 
 [workspace.package]
-version = "0.0.1"
+version = "0.5.0-rc2"
 rust-version = "1.70"
 license = "Apache-2.0"
 readme = "README.md"
diff --git a/scala/build.sbt b/scala/build.sbt
index d4d7b18888..25f6349b1a 100644
--- a/scala/build.sbt
+++ b/scala/build.sbt
@@ -3,7 +3,7 @@ scalaVersion := "2.13.13"
 crossScalaVersions := Seq("2.13.12", "3.3.3")
 resolvers += Resolver.mavenLocal
 
-val furyVersion = "0.5.0-SNAPSHOT"
+val furyVersion = "0.5.0-rc2"
 libraryDependencies ++= Seq(
   "org.apache.fury" % "fury-core" % furyVersion,
   "org.scalatest" %% "scalatest" % "3.2.17",