diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1c53cdd8dc8..39b65d41cd8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,7 +6,7 @@ PyO3 versions, please see the [migration guide](https://pyo3.rs/latest/migration
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/)
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
-## [Unreleased]
+## [0.16.5] - 2022-05-15
 
 ### Added
 
@@ -1165,7 +1165,8 @@ Yanked
 
 - Initial release
 
-[Unreleased]: https://github.com/pyo3/pyo3/compare/v0.16.4...HEAD
+[Unreleased]: https://github.com/pyo3/pyo3/compare/v0.16.5...HEAD
+[0.16.5]: https://github.com/pyo3/pyo3/compare/v0.16.4...v0.16.5
 [0.16.3]: https://github.com/pyo3/pyo3/compare/v0.16.3...v0.16.4
 [0.16.3]: https://github.com/pyo3/pyo3/compare/v0.16.2...v0.16.3
 [0.16.2]: https://github.com/pyo3/pyo3/compare/v0.16.1...v0.16.2
diff --git a/Cargo.toml b/Cargo.toml
index 51805f3f539..80aab8fc85a 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "pyo3"
-version = "0.16.4"
+version = "0.16.5"
 description = "Bindings to Python interpreter"
 authors = ["PyO3 Project and Contributors <https://github.com/PyO3>"]
 readme = "README.md"
@@ -19,10 +19,10 @@ libc = "0.2.62"
 parking_lot = ">= 0.11, < 0.13"
 
 # ffi bindings to the python interpreter, split into a seperate crate so they can be used independently
-pyo3-ffi = { path = "pyo3-ffi", version = "=0.16.4" }
+pyo3-ffi = { path = "pyo3-ffi", version = "=0.16.5" }
 
 # support crates for macros feature
-pyo3-macros = { path = "pyo3-macros", version = "=0.16.4", optional = true }
+pyo3-macros = { path = "pyo3-macros", version = "=0.16.5", optional = true }
 indoc = { version = "1.0.3", optional = true }
 unindent = { version = "0.1.4", optional = true }
 
@@ -51,7 +51,7 @@ serde_json = "1.0.61"
 widestring = "0.5.1"
 
 [build-dependencies]
-pyo3-build-config = { path = "pyo3-build-config", version = "0.16.4", features = ["resolve-config"] }
+pyo3-build-config = { path = "pyo3-build-config", version = "0.16.5", features = ["resolve-config"] }
 
 [features]
 default = ["macros", "pyproto"]
diff --git a/README.md b/README.md
index 01637bbcc88..877608c2b22 100644
--- a/README.md
+++ b/README.md
@@ -68,7 +68,7 @@ name = "string_sum"
 crate-type = ["cdylib"]
 
 [dependencies]
-pyo3 = { version = "0.16.4", features = ["extension-module"] }
+pyo3 = { version = "0.16.5", features = ["extension-module"] }
 ```
 
 **`src/lib.rs`**
@@ -132,7 +132,7 @@ Start a new project with `cargo new` and add  `pyo3` to the `Cargo.toml` like th
 
 ```toml
 [dependencies.pyo3]
-version = "0.16.4"
+version = "0.16.5"
 features = ["auto-initialize"]
 ```
 
diff --git a/examples/Cargo.toml b/examples/Cargo.toml
index a46e14f5641..c31e0c19f90 100644
--- a/examples/Cargo.toml
+++ b/examples/Cargo.toml
@@ -5,7 +5,7 @@ publish = false
 edition = "2018"
 
 [dev-dependencies]
-pyo3 = { version = "0.16.4", path = "..", features = ["auto-initialize", "extension-module"] }
+pyo3 = { version = "0.16.5", path = "..", features = ["auto-initialize", "extension-module"] }
 
 [[example]]
 name = "decorator"
diff --git a/examples/decorator/.template/pre-script.rhai b/examples/decorator/.template/pre-script.rhai
index 7ba10b00c8b..7d68d392bbd 100644
--- a/examples/decorator/.template/pre-script.rhai
+++ b/examples/decorator/.template/pre-script.rhai
@@ -1,4 +1,4 @@
-variable::set("PYO3_VERSION", "0.16.4");
+variable::set("PYO3_VERSION", "0.16.5");
 file::rename(".template/Cargo.toml", "Cargo.toml");
 file::rename(".template/pyproject.toml", "pyproject.toml");
 file::rename(".template/tox.ini", "tox.ini");
diff --git a/examples/maturin-starter/.template/pre-script.rhai b/examples/maturin-starter/.template/pre-script.rhai
index 7ba10b00c8b..7d68d392bbd 100644
--- a/examples/maturin-starter/.template/pre-script.rhai
+++ b/examples/maturin-starter/.template/pre-script.rhai
@@ -1,4 +1,4 @@
-variable::set("PYO3_VERSION", "0.16.4");
+variable::set("PYO3_VERSION", "0.16.5");
 file::rename(".template/Cargo.toml", "Cargo.toml");
 file::rename(".template/pyproject.toml", "pyproject.toml");
 file::rename(".template/tox.ini", "tox.ini");
diff --git a/examples/setuptools-rust-starter/.template/pre-script.rhai b/examples/setuptools-rust-starter/.template/pre-script.rhai
index 0dd10361442..566a8ec7fe7 100644
--- a/examples/setuptools-rust-starter/.template/pre-script.rhai
+++ b/examples/setuptools-rust-starter/.template/pre-script.rhai
@@ -1,4 +1,4 @@
-variable::set("PYO3_VERSION", "0.16.4");
+variable::set("PYO3_VERSION", "0.16.5");
 file::rename(".template/Cargo.toml", "Cargo.toml");
 file::rename(".template/setup.cfg", "setup.cfg");
 file::rename(".template/tox.ini", "tox.ini");
diff --git a/examples/word-count/.template/pre-script.rhai b/examples/word-count/.template/pre-script.rhai
index 778da32d61c..dfec4963564 100644
--- a/examples/word-count/.template/pre-script.rhai
+++ b/examples/word-count/.template/pre-script.rhai
@@ -1,4 +1,4 @@
-variable::set("PYO3_VERSION", "0.16.4");
+variable::set("PYO3_VERSION", "0.16.5");
 file::rename(".template/Cargo.toml", "Cargo.toml");
 file::rename(".template/tox.ini", "tox.ini");
 file::delete(".template");
diff --git a/pyo3-build-config/Cargo.toml b/pyo3-build-config/Cargo.toml
index 77460cf9a7e..4e05e4cea86 100644
--- a/pyo3-build-config/Cargo.toml
+++ b/pyo3-build-config/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "pyo3-build-config"
-version = "0.16.4"
+version = "0.16.5"
 description = "Build configuration for the PyO3 ecosystem"
 authors = ["PyO3 Project and Contributors <https://github.com/PyO3>"]
 keywords = ["pyo3", "python", "cpython", "ffi"]
diff --git a/pyo3-ffi/Cargo.toml b/pyo3-ffi/Cargo.toml
index 176b0c8df29..b14f33fb435 100644
--- a/pyo3-ffi/Cargo.toml
+++ b/pyo3-ffi/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "pyo3-ffi"
-version = "0.16.4"
+version = "0.16.5"
 description = "Python-API bindings for the PyO3 ecosystem"
 authors = ["PyO3 Project and Contributors <https://github.com/PyO3>"]
 keywords = ["pyo3", "python", "cpython", "ffi"]
@@ -39,4 +39,4 @@ generate-abi3-import-lib = ["generate-import-lib"]
 
 
 [build-dependencies]
-pyo3-build-config = { path = "../pyo3-build-config", version = "0.16.4", features = ["resolve-config"] }
+pyo3-build-config = { path = "../pyo3-build-config", version = "0.16.5", features = ["resolve-config"] }
diff --git a/pyo3-macros-backend/Cargo.toml b/pyo3-macros-backend/Cargo.toml
index b8e543cd094..646598cd5af 100644
--- a/pyo3-macros-backend/Cargo.toml
+++ b/pyo3-macros-backend/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "pyo3-macros-backend"
-version = "0.16.4"
+version = "0.16.5"
 description = "Code generation for PyO3 package"
 authors = ["PyO3 Project and Contributors <https://github.com/PyO3>"]
 keywords = ["pyo3", "python", "cpython", "ffi"]
diff --git a/pyo3-macros/Cargo.toml b/pyo3-macros/Cargo.toml
index 7758fb3bc5a..8f7a3d2b897 100644
--- a/pyo3-macros/Cargo.toml
+++ b/pyo3-macros/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "pyo3-macros"
-version = "0.16.4"
+version = "0.16.5"
 description = "Proc macros for PyO3 package"
 authors = ["PyO3 Project and Contributors <https://github.com/PyO3>"]
 keywords = ["pyo3", "python", "cpython", "ffi"]
@@ -23,4 +23,4 @@ abi3 = ["pyo3-macros-backend/abi3"]
 proc-macro2 = { version = "1", default-features = false }
 quote = "1"
 syn = { version = "1.0.56", features = ["full", "extra-traits"] }
-pyo3-macros-backend = { path = "../pyo3-macros-backend", version = "=0.16.4" }
+pyo3-macros-backend = { path = "../pyo3-macros-backend", version = "=0.16.5" }