diff --git a/changelog.rst b/changelog.rst
index e32a3237..a3724ad5 100644
--- a/changelog.rst
+++ b/changelog.rst
@@ -3,6 +3,14 @@
 Changelog
 ---------
 
+5.0.3 (dev)
+~~~~~~~~~~~
+
+2024-xx-xx • `full history <https://github.com/gorakhargosh/watchdog/compare/v5.0.2...HEAD>`__
+
+- 
+- Thanks to our beloved contributors: @BoboTiG
+
 5.0.2
 ~~~~~
 
diff --git a/docs/source/global.rst.inc b/docs/source/global.rst.inc
index d2c282b9..ba78f361 100644
--- a/docs/source/global.rst.inc
+++ b/docs/source/global.rst.inc
@@ -4,7 +4,7 @@
 .. |author_email| replace:: contact@tiger-222.fr
 .. |copyright| replace:: Copyright 2011-2024 Yesudeep Mangalapilly, Mickaël Schoentgen & contributors.
 .. |project_name| replace:: ``watchdog``
-.. |project_version| replace:: 5.0.2
+.. |project_version| replace:: 5.0.3
 
 .. _issue tracker: https://github.com/gorakhargosh/watchdog/issues
 .. _code repository: https://github.com/gorakhargosh/watchdog
diff --git a/src/watchdog/version.py b/src/watchdog/version.py
index f4a525ad..2da71f1f 100644
--- a/src/watchdog/version.py
+++ b/src/watchdog/version.py
@@ -4,7 +4,7 @@
 # ``docs/source/global.rst.inc`` file as well.
 VERSION_MAJOR = 5
 VERSION_MINOR = 0
-VERSION_BUILD = 2
+VERSION_BUILD = 3
 VERSION_INFO = (VERSION_MAJOR, VERSION_MINOR, VERSION_BUILD)
 VERSION_STRING = f"{VERSION_MAJOR}.{VERSION_MINOR}.{VERSION_BUILD}"