diff --git a/python/ray/__init__.py b/python/ray/__init__.py
index a56531e3e..b97af4b58 100644
--- a/python/ray/__init__.py
+++ b/python/ray/__init__.py
@@ -63,7 +63,7 @@ from ray.actor import method  # noqa: E402
 
 # Ray version string. TODO(rkn): This is also defined separately in setup.py.
 # Fix this.
-__version__ = "0.5.2"
+__version__ = "0.5.3"
 
 __all__ = [
     "error_info", "init", "connect", "disconnect", "get", "put", "wait",
diff --git a/python/setup.py b/python/setup.py
index 7f16620df..70d7cd87f 100644
--- a/python/setup.py
+++ b/python/setup.py
@@ -124,7 +124,7 @@ class BinaryDistribution(Distribution):
 setup(
     name="ray",
     # The version string is also in __init__.py. TODO(pcm): Fix this.
-    version="0.5.2",
+    version="0.5.3",
     packages=find_packages(),
     cmdclass={"build_ext": build_ext},
     # The BinaryDistribution argument triggers build_ext.