diff --git a/CHANGELOG-v3.md b/CHANGELOG-v3.md
index f1bd5c7306..8168a780e8 100644
--- a/CHANGELOG-v3.md
+++ b/CHANGELOG-v3.md
@@ -1,6 +1,6 @@
 # Release Notes for Craft CMS 3.x
 
-## Unreleased (3.5.0)
+## 3.5.0-RC1 - 2020-07-21
 
 ### Added
 - Added the Project Config utility, which can be used to perform project config actions, and view a dump of the stored project config. ([#4371](https://github.com/craftcms/cms/issues/4371))
diff --git a/composer.json b/composer.json
index 5ab38a670d..8f344c176d 100644
--- a/composer.json
+++ b/composer.json
@@ -1,7 +1,7 @@
 {
   "name": "craftcms/cms",
   "description": "Craft CMS",
-  "version": "3.5.0-beta.3",
+  "version": "3.5.0-RC1",
   "keywords": [
     "cms",
     "craftcms",
diff --git a/src/config/app.php b/src/config/app.php
index 0a1bd775fd..53629ec88a 100644
--- a/src/config/app.php
+++ b/src/config/app.php
@@ -3,7 +3,7 @@
 return [
     'id' => 'CraftCMS',
     'name' => 'Craft CMS',
-    'version' => '3.5.0-beta.3',
+    'version' => '3.5.0-RC1',
     'schemaVersion' => '3.5.12',
     'minVersionRequired' => '2.6.2788',
     'basePath' => dirname(__DIR__), // Defines the @app alias