diff --git a/Makefile b/Makefile
index 9214f0cfbc..48fdbe6f81 100644
--- a/Makefile
+++ b/Makefile
@@ -16,8 +16,8 @@ EXECUTABLES = curl docker gzip go
 #  docker image publishing options
 DOCKER_PUSH?=false
 IMAGE_NAMESPACE?=quay.io/argoproj
-VERSION?=latest
-BASE_VERSION:=latest
+VERSION?=v1.5.0
+BASE_VERSION:=v1.5.0
 
 override LDFLAGS += \
   -X ${PACKAGE}.version=${VERSION} \
diff --git a/api/openapi-spec/swagger.json b/api/openapi-spec/swagger.json
index 6aadab4df2..f474a35d39 100644
--- a/api/openapi-spec/swagger.json
+++ b/api/openapi-spec/swagger.json
@@ -2,7 +2,7 @@
   "swagger": "2.0",
   "info": {
     "title": "Argo Events",
-    "version": "latest"
+    "version": "v1.5.0"
   },
   "paths": {},
   "definitions": {
diff --git a/manifests/base/kustomization.yaml b/manifests/base/kustomization.yaml
index b7ef810883..e4ec9783ae 100644
--- a/manifests/base/kustomization.yaml
+++ b/manifests/base/kustomization.yaml
@@ -14,7 +14,7 @@ resources:
 
 images:
   - name: quay.io/argoproj/argo-events
-    newTag: latest
+    newTag: v1.5.0
 
 patchesStrategicMerge:
   - |-
@@ -29,7 +29,7 @@ patchesStrategicMerge:
             - name: eventsource-controller
               env:
                 - name: EVENTSOURCE_IMAGE
-                  value: quay.io/argoproj/argo-events:latest
+                  value: quay.io/argoproj/argo-events:v1.5.0
   - |-
     apiVersion: apps/v1
     kind: Deployment
@@ -42,4 +42,4 @@ patchesStrategicMerge:
             - name: sensor-controller
               env:
                 - name: SENSOR_IMAGE
-                  value: quay.io/argoproj/argo-events:latest
+                  value: quay.io/argoproj/argo-events:v1.5.0
diff --git a/manifests/extensions/validating-webhook/kustomization.yaml b/manifests/extensions/validating-webhook/kustomization.yaml
index 52e1ad1c4e..17143819a9 100644
--- a/manifests/extensions/validating-webhook/kustomization.yaml
+++ b/manifests/extensions/validating-webhook/kustomization.yaml
@@ -11,5 +11,5 @@ namespace: argo-events
 
 images:
   - name: quay.io/argoproj/argo-events
-    newTag: latest
+    newTag: v1.5.0
 
diff --git a/manifests/install-validating-webhook.yaml b/manifests/install-validating-webhook.yaml
index 222beb0327..89938bc180 100644
--- a/manifests/install-validating-webhook.yaml
+++ b/manifests/install-validating-webhook.yaml
@@ -107,7 +107,7 @@ spec:
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/argoproj/argo-events:latest
+        image: quay.io/argoproj/argo-events:v1.5.0
         imagePullPolicy: Always
         name: webhook
       serviceAccountName: argo-events-webhook-sa
diff --git a/manifests/install.yaml b/manifests/install.yaml
index ef3db3b8ad..f4ae62bd83 100644
--- a/manifests/install.yaml
+++ b/manifests/install.yaml
@@ -303,7 +303,7 @@ spec:
           value: nats-streaming:0.22.1
         - name: NATS_METRICS_EXPORTER_IMAGE
           value: natsio/prometheus-nats-exporter:0.8.0
-        image: quay.io/argoproj/argo-events:latest
+        image: quay.io/argoproj/argo-events:v1.5.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -343,12 +343,12 @@ spec:
         - eventsource-controller
         env:
         - name: EVENTSOURCE_IMAGE
-          value: quay.io/argoproj/argo-events:latest
+          value: quay.io/argoproj/argo-events:v1.5.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/argoproj/argo-events:latest
+        image: quay.io/argoproj/argo-events:v1.5.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -388,12 +388,12 @@ spec:
         - sensor-controller
         env:
         - name: SENSOR_IMAGE
-          value: quay.io/argoproj/argo-events:latest
+          value: quay.io/argoproj/argo-events:v1.5.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/argoproj/argo-events:latest
+        image: quay.io/argoproj/argo-events:v1.5.0
         livenessProbe:
           httpGet:
             path: /healthz
diff --git a/manifests/namespace-install.yaml b/manifests/namespace-install.yaml
index 99b29aeaee..10cb9bb92f 100644
--- a/manifests/namespace-install.yaml
+++ b/manifests/namespace-install.yaml
@@ -224,7 +224,7 @@ spec:
           value: nats-streaming:0.22.1
         - name: NATS_METRICS_EXPORTER_IMAGE
           value: natsio/prometheus-nats-exporter:0.8.0
-        image: quay.io/argoproj/argo-events:latest
+        image: quay.io/argoproj/argo-events:v1.5.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -265,12 +265,12 @@ spec:
         - --namespaced
         env:
         - name: EVENTSOURCE_IMAGE
-          value: quay.io/argoproj/argo-events:latest
+          value: quay.io/argoproj/argo-events:v1.5.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/argoproj/argo-events:latest
+        image: quay.io/argoproj/argo-events:v1.5.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -311,12 +311,12 @@ spec:
         - --namespaced
         env:
         - name: SENSOR_IMAGE
-          value: quay.io/argoproj/argo-events:latest
+          value: quay.io/argoproj/argo-events:v1.5.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/argoproj/argo-events:latest
+        image: quay.io/argoproj/argo-events:v1.5.0
         livenessProbe:
           httpGet:
             path: /healthz