diff --git a/Doxygen b/Doxygen
index 7643bda91..7a9050a82 100644
--- a/Doxygen
+++ b/Doxygen
@@ -38,7 +38,7 @@ PROJECT_NAME           = "ESPHome"
 # could be handy for archiving the generated documentation or if some version
 # control system is used.
 
-PROJECT_NUMBER         = 2022.12.0b4
+PROJECT_NUMBER         = 2022.12.0b5
 
 # Using the PROJECT_BRIEF tag one can provide an optional one line description
 # for a project that appears at the top of each page and should give viewer a
diff --git a/Makefile b/Makefile
index 9e1abf84b..a11b1d217 100644
--- a/Makefile
+++ b/Makefile
@@ -1,5 +1,5 @@
 ESPHOME_PATH = ../esphome
-ESPHOME_REF = 2022.12.0b4
+ESPHOME_REF = 2022.12.0b5
 
 .PHONY: html html-strict cleanhtml deploy help live-html Makefile netlify netlify-api api netlify-dependencies svg2png copy-svg2png minify
 
diff --git a/_static/version b/_static/version
index b3c3b5bfe..3bc589c48 100644
--- a/_static/version
+++ b/_static/version
@@ -1 +1 @@
-2022.12.0b4
\ No newline at end of file
+2022.12.0b5
\ No newline at end of file
diff --git a/changelog/2022.12.0.rst b/changelog/2022.12.0.rst
index 8d8a2480c..b749c825b 100644
--- a/changelog/2022.12.0.rst
+++ b/changelog/2022.12.0.rst
@@ -52,6 +52,8 @@ Beta Changes
 - Fix ble parsing with zero padded advertisements :esphomepr:`4162` by :ghuser:`jesserockz`
 - Increase watchdog timeout when starting OTA :esphomepr:`4172` by :ghuser:`jesserockz`
 - Bump esphome-dashboard to 20221213.0 :esphomepr:`4176` by :ghuser:`jesserockz`
+- Remove internal pin restriction from cd74hc4067 :esphomepr:`4179` by :ghuser:`jesserockz`
+- Speed up bluetooth proxy connections when using esp-idf :esphomepr:`4171` by :ghuser:`bdraco` (notable-change)
 
 All changes
 ^^^^^^^^^^^
diff --git a/conf.py b/conf.py
index 14a9a36c7..1a9a2cdd2 100644
--- a/conf.py
+++ b/conf.py
@@ -69,7 +69,7 @@ author = "ESPHome"
 # The short X.Y version.
 version = "2022.12"
 # The full version, including alpha/beta/rc tags.
-release = "2022.12.0b4"
+release = "2022.12.0b5"
 
 # The language for content autogenerated by Sphinx. Refer to documentation
 # for a list of supported languages.