Theodoric signs a peace with Leo in 473 when the Goths run out of supplies; according to its terms, Constantinople is to pay an annual tribute of two thousand pounds of gold to the Goths, whose independence is recognized, and Strabo is to obtain the rank of magister militum.

The Eastern Roman Emperor tarries in choosing his successor, so the Germanic elements of the army, represented by the new magister militum and patrician Gundobad (a nephew of Ricimer's), elects Glycerius Emperor on March 3 or 5, 473, in Ravenna.

Gundobad, the son of Gondioc, King of the Burgundians, had succeeded Ricimer in 472, but abdicates after the death of his father in the following year as Gondioc is succeeded by his uncle, Chilperic I.

Tarasis, employed by Emperor Leo as commander of the Isaurian guard to check German influence in Constantinople, had married Leo's daughter Ariadne and changed his name to Zeno.

In October 473, Leo appoints their seven-year-old son his colleague and successor, as Leo II.

Glycerius, elevated to the position of Western Emperor by his magister militum by Gundobad, king of the Burgundians, is not recognized as a legitimate ruler by the Eastern emperor, who regards him as a usurper.

Leo sends against him a fleet commanded by Julius Nepos, nephew-in-law of the empress Verina and nephew of the late patrician Marcellinus, ruler of Dalmatia, and sent to govern Italy as augustus (emperor).

Little is known about the short reign of Glycerius.

In his biography of St. Epiphanius, bishop of Pavia, Ennodius states that Glycerius made "many measures for the public good" but mentions only that he pardoned "the injury done to his mother by certain of his subjects at the petition of bishop Epiphanius."

A single law issued by Glycerius survives, concerning simony, dated March 11, 473 and addressed to Himilco, the Praetorian Prefect of Italy.

Ralph Mathisen speculates that Glycerius tried to stay on good terms with the Eastern Roman Empire For most of his rule, Glycerius lives in Northern Italy, evidenced by the fact that the only mints issued in his name are from Milan and Ravenna.

Euric, King of the Visigoths in 473, orders the invasion of Italy, but his commander Vincentius is defeated and killed by Glycerius' comites Alla and Sindila.

Despite the victorious defense of Italy, Glycerius can do nothing to prevent the Visigoths from conquering Arelate and Marseille, in Gaul.

At the same time, the Ostrogoths led by King Widimir began marching to Italy.

The possibility that the two Gothic armies will merge is disastrous to contemplate.

Glycerius sends an envoy to Widimir and, through a combination of diplomacy and a bribe of two thousand solidi, persuades Widimir that the territories he wants are already occupied by the Visigoths and that he should move to Gaul.

While this strategy prevents Vincentius from receiving reinforcements, it also leads to the convergence of both Gothic armies against Gaul.

The Eastern Roman Emperor Leo I had not recognized Olybrius and does not recognize Glycerius, as his election had not been ratified by the Eastern court, and it is suspected that he is a puppet of Gundobad.

Therefore Leo has chosen a candidate on his own, Julius Nepos, magister militum in Dalmatia and related to the Eastern Empress Verina.

The election is delayed, however, so Julius Nepos cannot leave immediately, as the ports are closed for the winter.

Zeno's seven-year-old son reigns as Leo II following Leo’s death from dysentery early in 474.

Zeno, as co-Emperor with his young son, continues the official position of Constantinople to deny any recognition of Glycerius, whom the court continues to view as a usurper.

Regardless, Glycerius tries to reconcile with the Eastern court or, at least, to avoid conflicts with it.

For example, he does not choose a second consul in order to allow Leo II to be consul alone for the year 474.

The Italian ports had reopened in spring 474 and Julius Nepos had crossed the Adriatic Sea to depose Glycerius, who probably left Ravenna for Rome to resist the invader; he has a silver coin minted in Rome, claiming himself as Emperor together with Leo II and Zeno, and not recognizing Julius Nepos.

Nepos, however, disembarks at Portus in July 474 and deposes Glycerius, who offers no resistance; neither do the Senate nor the Gallo-Roman aristocracy, and Nepos accepts the imperial purple.

Glycerius is sent to Dalmatia as Bishop of Salona.

Glycerius' deposition is thus without any bloodshed, and historians have investigated the possible reasons why the Western Emperor, who had Gundobad and his army at his command, did not try to resist.

One possible reason is that Glycerius' elevation, not recognized by Eastern court, received the support of neither the Roman Senate nor the Gallic-Roman aristocracy; resisting Nepos without the support of the Senate would have been a bad choice for Gundobad.

It is possible that Gundobad, who was absent from Italy when Glycerius was deposed, had gone to Gaul to gather some more troops or to receive the legacy of his late father Gundioc as King of the Burgundians, thus effectively leaving Glycerius alone.

The child emperor Leo II dies before the end of the year, after having appointed his father co-emperor of the East.

Zeno makes what is to prove a lasting peace with the Vandals in Africa.

The new regime is not particularly popular, as the people of Constantinople are antipathetic to Zeno’s barbarian origins.

Furthermore, the strong Germanic portion of the military, led by Theodoric Strabo, dislikes the Isaurian officers that Leo I had brought in to reduce his dependency on the Ostrogoths.

Finally, Zeno alienates his fellow Isaurian general Illus, his most trusted adviser, who plots a coup d'etat with Leo I's brother-in-law Basiliscus and Verina.

Zeno’s embassy to conclude a peace with king Genseric succeeds in an agreement with the Vandals to secure the commercial routes in the Mediterranean.

Gongju becomes the capital of Baekje, and is threatened by Goguryeo, which conquers the Han River valley.