
There is only one ending in the Elder Scrolls IV Oblivion Remastered. Check out our article for an explanation of the game's ending, if there are multiple endings, and how the events of the game connect to later Elder Scrolls games.

In the game's ending, Martin Septim resolves to shatter the Amulet of Kings after Mehrunes Dagon successfully enters Tamriel which meant that lighting the Dragonfires would do nothing to send him back. Once the Amulet is shattered, Martin becomes the Avatar of Akatosh and after a brief fight, banishes Mehrunes Dagon back to the Deadlands.
Martin, as the Avatar of Akatosh, perished and turned to stone but his sacrifice reinforced the liminal barriers that separate the Mundus from Oblivion. This means that future Emperors would no longer need to light the Dragonfires as his sacrifice sealed the gates of Oblivion and would protect the Mundus permanently from a full-scale Daedric invasion.
Light the Dragonfires Walkthrough

Despite Martin's sacrifice sealing the gates of Oblivion forever, portals to oblivion could still appear on Tamriel so long as it doesn't pose a danger to the Mundus. This is evidenced during the Shivering Isles DLC when the Daedric Prince Sheogorath opens a portal to his realm.
As his Chamberlain Haskill notes, Sheogorath's portal was an invitation rather than the oblivion gates that Mehrunes Dagon used to invide Tamriel.
Shivering Isles Location and How to Start

The Elder Scrolls Oblivion does not have multiple endings. Additionally, your choices don't affect the outcome of the ending, as the main quest's storyline is separate from faction quests and side quests.
It's possible to play a disreputable or evil character throughout the game, but the main quest's ending will stay the same.

With Martin's sacrifice effectively ending the Septim Dynasty, High Chancellor Ocato and the Elder Counciil struggled to appoint a new Emperor amidst rumors that some of the provinces were planning to secede from the empire.
The Elder Council ultimately failed to find a suitable candidate which forced Ocato to assume the role of Potentate even as the Empire started losing control over its provinces outside of Cyrodil. Unfortunately, Potentate Ocato was assassinated which caused a brief period of unrest called the Stormcrown Interregnum which ended when Titus Mede I conquered and established the Mede Dynasty.
Despite this, the Empire continued to crumble as its influence started. The weakening of the Empire in particular caused a political shift in the Summerset Isles, home of the Altmer or High Elves, which was previously absorbed into the empire after Tiber Septim conquered it during the early Third Era.
With the Empire continuing to weaken, a xenophobic faction called the Thalmor rose to prominence in the Summerset Isles and took credit for ending the Oblivion Crisis, increasing their political power and influence. The Thalmor eventually managed to absorb both Valenwood and Elsweyr and formed the Third Aldmeri Dominion.
The Aldmeri Dominion then launched an invasion on the Imperial City during the reign of Titus Mede II. This Great War ended when the Thalmor forced Titus II to sign the White-Gold Concordat which forced the Empire to disband the Blades and outlaw the worship of Talos, reverting the Cyrodilic Pantheon to worship of the Eight Divines.
The disbanding of the Blades and the signing of the White-Gold Concordat all form major plot points and in many ways ushered in the events of The Elder Scrolls V Skyrim which takes place during the Fourth Era.

The Elder Scrolls IV Oblivion Wiki
Ending Explained and Connection to Later Games



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