diff --git a/esphome/const.py b/esphome/const.py
index 46e5545078..56034bfbf6 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -1,6 +1,6 @@
 """Constants used by esphome."""
 
-__version__ = "2023.5.0-dev"
+__version__ = "2023.5.0b1"
 
 ALLOWED_NAME_CHARS = "abcdefghijklmnopqrstuvwxyz0123456789-_"