With All For One and Tomura Shigaraki gone, the series spends its final arc on the bill that came due. Graduations happen late, families face what they broke, survivors carry the ones they could not save, and Class 1-A discovers what Izuku gave up to end the war.
The Epilogue Arc closes My Hero Academia as its twenty-third story arc and the fifth and final arc of the Final Act Saga. It spans chapters 425 through 431.5 and episodes 168 through 171, following directly from the Final War Arc.
All For One, Tomura Shigaraki, and the Paranormal Liberation Front have been beaten for good, and what remains is recovery. Society begins rebuilding, Class 1-A moves up a year, and the survivors sort through what the war left behind, both structurally and personally.
Rather than a final confrontation, the arc is concerned with consequence, examining whether the peace bought at such cost changed anything about the conditions that produced All For One in the first place.
Months after the Final War, U.A.'s third years finally hold their postponed graduation. Mirio Togata speaks for them, weighing the year's losses against the repair work still ahead and invoking his last conversation with Sir Nighteye, before launching himself skyward as Bibimi Kenranzaki crashes through the stage on an enormous machine to send the class off.
Class 1-A, now 2-A, reconvene in a temporary classroom, where Shota Aizawa announces he is staying on as their homeroom teacher, to the room's delight. Yuga Aoyama is leaving, having refused the pardon offered for helping All For One, and Hitoshi Shinso takes his place. During the celebration Yuga's stray Navel Laser knocks out Toru Hagakure's Invisibility and the class sees her face for the first time. Mawata Fuwa briefs them on their assignments within the wider cleanup, and Shoto Todoroki remarks that the chaos resembles the darkness at the Dawn of Quirks that produced All For One in the first place.
The Todoroki family visits the facility keeping Toya alive on a vast life-support rig. Staff explain he can speak only minutes a day and is deteriorating regardless. Enji tells his son he is retiring, the injuries from Dabi and All For One having ended what he always intended to end anyway, and promises to return daily. Shoto asks his brother's favorite food and is told soba; once the family leaves, Toya weeps an apology. Outside, Natsuo announces his engagement and simultaneously cuts contact, which Enji accepts, while Fuyumi, who lost her teaching job, is being helped back on her feet by a student's parent.
Elsewhere, Hawks, now heading the Hero Public Safety Commission, offers Lady Nagant release and is refused; she would rather watch what the world becomes. Gentle walks free and finds La Brava. Izuku visits Spinner, whose mental decay from Body Bulk and Scalemail was halted narrowly thanks to Nomu research, and delivers Tomura's last words. Spinner calls him a murderer, which Izuku does not contest, and eventually resolves to write a book about the League; Izuku asks him to make it a comic. In the same facility, Kai Chisaki faces the recovered Shie Hassaikai Boss and is condemned for what he did.
The class clears rubble alongside Fat Gum and Best Jeanist, fed by grateful residents and joined by apologetic underclassmen. Through it all Ochaco's smile unsettles Izuku, and that night, having claimed to go home, she stands alone grieving Himiko Toga. Izuku finds her, refuses to be pushed away, calls her his hero, and hears her guilt; he answers with his own about Tomura, concluding that reaching out unasked matters even when it fails. Class 2-A, who followed him, learn there that One For All is gone from him. In the days after, Neito Monoma gets a bust at the school gate, All Might and Hawks discuss extending the hero rankings to ordinary civilians, and Izuku and Ochaco watch an old woman take the hand of Koki Terumoto and stop his rampage before it starts.
The arc introduces Koki Terumoto, a boy imprisoned by his own abusive family after his Quirk manifested, who sews his mouth shut and escapes his destroyed home. His Quirk, Darkness, spills a dark substance from his fingertips; its full scope is never seen, since an elderly woman takes his hand before he can use it, and it is described as a variant unrelated to anything else in his family. A second Quirk appears through Dai, who can throw saucer-shaped objects from his hair at variable sizes, regarded as too weak for the hero course.
Koki's story functions as the arc's closing argument. The same neglect and fear that once created All For One nearly produces another, and the intervention that prevents it is not a hero at all, only a stranger willing to reach out first, precisely the conclusion Izuku reaches with Ochaco.
Other threads settle: Enji Todoroki retires and the family fractures on its own terms, Hawks takes over the Commission and reforms the ranking system with All Might, several imprisoned villains choose what to do with their freedom or refuse it, and Class 2-A absorbs the fact that Izuku will be Quirkless again.

Naruto vs Luffy with the twist nobody asked for: Luffy tickled Hinata on date night, and she kind of liked it. We break down the whole fight and commit to a winner....

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The Epilogue Arc is the twenty-third and final story arc of My Hero Academia, wrapping up Class 1-A's recovery and futures after Tomura Shigaraki and All For One are defeated, spanning chapters 425 through 431.5.
Yes, the Epilogue Arc is fully canon, closing out the manga's Final Act Saga in chapters 425 through 431.5 and the anime in episodes 168 through 171.
Yes, the My Hero Academia anime adapts the Epilogue Arc across episodes 168 through 171, following directly on from the Final War Arc.
In the Epilogue Arc, Izuku Midoriya's classmates learn that One For All is gone from him after the Final War, and he grieves alongside Ochaco Uraraka before deciding that reaching out to others matters even when it fails.
In the Epilogue Arc, Class 1-A moves up to Class 2-A under homeroom teacher Shota Aizawa, welcomes new student Hitoshi Shinso after Yuga Aoyama leaves, and helps rebuild the country alongside professional heroes.
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