Summer – Odoacer, chieftain of the Germanic tribes (Herulic - Scirianfoederati), visits the imperial palace at Ravenna. He petitions Orestes (magister militum) to reward his mercenaries for their services and their support of his rebellion a year earlier, by making good on his promise to grant them lands to settle permanently in Italy. Orestes refuses this proposal and Odoacer leads his tribesmen in a revolt.
August – Basiliscus, Roman usurper, is deposed and Zeno is restored as emperor of the Eastern Roman Empire. With the support of his adviser Illus, he besieges Constantinople, but the Senate opens the gates, allowing him to resume the throne. Basiliscus flees to sanctuary in a church, but surrenders himself and his family after extracting a solemn promise from Zeno not to shed their blood. Basiliscus is sent to a fortress in Cappadocia, where he later dies from starvation.
August 23 – Odoacer, age 43, is proclaimed rex Italiae ("king of Italy") by his troops. He leads his Ostrogoth army into the Po Valley, and advances to Ravenna while plundering the countryside.
The Visigoths under King Euric march into Italy, and suffer defeat against the forces of Odoacer. Emperor Zeno concludes a peace treaty between the Goths and Odoacer surrenders the newly conquered territory in Gaul. Euric pledges himself to undertake no further hostilities.
The Roman Senate petitions Zeno to recognize Nepos as deposed and take the sole emperorship himself, abolishing the 91 year east/west division of the empire and recognizing Odoacer's authority in Italy. Zeno declines the first request, but names Odoacer Patricius, investing his rule with Imperial legitimacy.
Chinese chronicles record a memorial sent by the "King of Japan" (possibly Yūryaku), who describes himself as "Supreme Director of Military Affairs in Japan and Korea" to the Court of the Northern Wei Dynasty. The Chinese emperor responds by confirming the Japanese dynasty in those titles. This is the earliest verifiable date in Japanese history.