diff --git a/wagtail/__init__.py b/wagtail/__init__.py
index ccdd428bf0..b6636e3d04 100644
--- a/wagtail/__init__.py
+++ b/wagtail/__init__.py
@@ -6,7 +6,7 @@ from wagtail.utils.version import get_semver_version, get_version
 
 # major.minor.patch.release.number
 # release must be one of alpha, beta, rc, or final
-VERSION = (5, 1, 0, "alpha", 0)
+VERSION = (5, 1, 0, "rc", 1)
 
 __version__ = get_version(VERSION)
 
diff --git a/wagtail/project_template/requirements.txt b/wagtail/project_template/requirements.txt
index 8945db4814..9985766810 100644
--- a/wagtail/project_template/requirements.txt
+++ b/wagtail/project_template/requirements.txt
@@ -1,2 +1,2 @@
 Django>=4.2,<4.3
-wagtail==5.1a0
+wagtail==5.1rc1