diff --git a/HOW_TO_RELEASE.md b/HOW_TO_RELEASE.md
index 661673b7423..24a2dba6f26 100644
--- a/HOW_TO_RELEASE.md
+++ b/HOW_TO_RELEASE.md
@@ -30,7 +30,7 @@ upstream        https://github.com/pydata/xarray (push)
     This will return the total number of contributors:
     ```sh
     git log "$(git tag --sort=v:refname | tail -1).." --format=%aN | sort -u | wc -l
-    ```    
+    ```
  3. Write a release summary: ~50 words describing the high level features. This
     will be used in the release emails, tweets, GitHub release notes, etc.
  4. Look over whats-new.rst and the docs. Make sure "What's New" is complete
diff --git a/doc/whats-new.rst b/doc/whats-new.rst
index 968986c63dd..2fedade0a60 100644
--- a/doc/whats-new.rst
+++ b/doc/whats-new.rst
@@ -15,11 +15,51 @@ What's New
     np.random.seed(123456)
 
 
-.. _whats-new.2023.05.0:
+.. _whats-new.2023.05.1:
 
-v2023.05.0 (unreleased)
+v2023.05.1 (unreleased)
 -----------------------
 
+New Features
+~~~~~~~~~~~~
+
+
+Breaking changes
+~~~~~~~~~~~~~~~~
+
+
+Deprecations
+~~~~~~~~~~~~
+
+Performance
+~~~~~~~~~~~
+
+
+Bug fixes
+~~~~~~~~~
+
+
+Documentation
+~~~~~~~~~~~~~
+
+
+Internal Changes
+~~~~~~~~~~~~~~~~
+
+
+.. _whats-new.2023.05.0:
+
+v2023.05.0 (May 18, 2023)
+-------------------------
+
+This release adds some new methods and operators, updates our deprecation policy for python versions, fixes some bugs with groupby,
+and introduces experimental support for alternative chunked parallel array computation backends via a new plugin system!
+
+Thanks to our 14 contributors:
+Alan Brammer, crusaderky, David Stansby, dcherian, Deeksha, Deepak Cherian, Illviljan, James McCreight,
+Joe Hamman, Justus Magin, Kyle Sunden, Max Hollmann, mgunyho, and Tom Nicholas
+
+
 New Features
 ~~~~~~~~~~~~
 - Added new method :py:meth:`DataArray.to_dask_dataframe`, convert a dataarray into a dask dataframe (:issue:`7409`).
@@ -27,18 +67,17 @@ New Features
 - Add support for lshift and rshift binary operators (``<<``, ``>>``) on
   :py:class:`xr.DataArray` of type :py:class:`int` (:issue:`7727` , :pull:`7741`).
   By `Alan Brammer <https://github.com/abrammer>`_.
-- Fix `as_compatible_data` for masked float arrays, now always creates a copy when mask is present (:issue:`2377`, :pull:`7788`).
-  By `Max Hollmann <https://github.com/maxhollmann>`_.
-
+- Keyword argument `data='array'` to both :py:meth:`xarray.Dataset.to_dict` and
+  :py:meth:`xarray.DataArray.to_dict` will now return data as the underlying array type.
+  Python lists are returned for `data='list'` or `data=True`. Supplying `data=False` only returns the schema without data.
+  ``encoding=True`` returns the encoding dictionary for the underlying variable also. (:issue:`1599`, :pull:`7739`) .
+  By `James McCreight <https://github.com/jmccreight>`_.
 
 Breaking changes
 ~~~~~~~~~~~~~~~~
 - adjust the deprecation policy for python to once again align with NEP-29 (:issue:`7765`, :pull:`7793`)
   By `Justus Magin <https://github.com/keewis>`_.
 
-Deprecations
-~~~~~~~~~~~~
-
 Performance
 ~~~~~~~~~~~
 - Optimize ``.dt `` accessor performance with ``CFTimeIndex``. (:pull:`7796`)
@@ -46,18 +85,15 @@ Performance
 
 Bug fixes
 ~~~~~~~~~
+- Fix `as_compatible_data` for masked float arrays, now always creates a copy when mask is present (:issue:`2377`, :pull:`7788`).
+  By `Max Hollmann <https://github.com/maxhollmann>`_.
 - Fix groupby binary ops when grouped array is subset relative to other. (:issue:`7797`).
   By `Deepak Cherian <https://github.com/dcherian>`_.
 - Fix groupby sum, prod for all-NaN groups with ``flox``. (:issue:`7808`).
   By `Deepak Cherian <https://github.com/dcherian>`_.
 
-Documentation
-~~~~~~~~~~~~~
-
-
 Internal Changes
 ~~~~~~~~~~~~~~~~
-
 - Experimental support for wrapping chunked array libraries other than dask.
   A new ABC is defined - :py:class:`xr.core.parallelcompat.ChunkManagerEntrypoint` - which can be subclassed and then
   registered by alternative chunked array implementations. (:issue:`6807`, :pull:`7019`)
@@ -122,10 +158,6 @@ New Features
 - Added ability to save ``DataArray`` objects directly to Zarr using :py:meth:`~xarray.DataArray.to_zarr`.
   (:issue:`7692`, :pull:`7693`) .
   By `Joe Hamman <https://github.com/jhamman>`_.
-- Keyword argument `data='array'` to both :py:meth:`xarray.Dataset.to_dict` and
-  :py:meth:`xarray.DataArray.to_dict` will now return data as the underlying array type. Python lists are returned for `data='list'` or `data=True`. Supplying `data=False` only returns the schema without data. ``encoding=True`` returns the encoding dictionary for the underlying variable also.
-  (:issue:`1599`, :pull:`7739`) .
-  By `James McCreight <https://github.com/jmccreight>`_.
 
 Breaking changes
 ~~~~~~~~~~~~~~~~