The gods and humans alike will fight each other in what is known as Ragnorok, or “fate of the gods”. Some of them may die during this battle or disappear from existence altogether.
The world tree Yggdrasil will collapse, breaking down all barriers between worlds – allowing evil beings from Jotunheim (the land of giants) to enter Valhalla (the hall where Odin gathers his warriors before battle).
Odin will fight Fenrir (a monstrous wolf), while Thor fights Jormungandr (a sea serpent). Thor kills both these creatures but dies himself as well as many other gods in this battle against evil forces on Earth.
Afterwards, there will only be two survivors left on earth: Lif and Lifthrasir (Life and Life Bringer). They are two humans who hid themselves deep inside Yggdrasil, or “World Tree” during Ragnarok; they have been asleep for so long that they have lost all memory of their previous lives. When they wake up from their slumber, they discover that all other living beings are dead except for them, so they repopulate earth with new life forms (animals, plants).
The gods also live on in Valhalla – a great hall where warriors who died in battle go after death; here they fight each other every day until Ragnarok comes again.