There are two major points of Buddhist eschatology: the appearance of Maitreya and the Sermon of the Seven Suns.
Buddha described his teachings disappearing five thousand years from his passing, corresponding approximately to the year 4600 CE. At this time, knowledge of dharma will be lost as well. The last of his relics will be gathered in Bodh Gaya and cremated. There will be a new era in which the next Buddha Maitreya will appear, but it will be preceded by the degeneration of human society. This will be a period of greed, lust, poverty, ill will, violence, murder, impiety, physical weakness, sexual depravity and societal collapse, and even the Buddha himself will be forgotten.
The earliest mention of Maitreya is in the Cakavatti (Sihanada) Sutta in Digha Nikaya 26 of the Pali Canon.
“At that period, brethren, there will arise in the world an Exalted One named Maitreya, Fully Awakened, abounding in wisdom and goodness, happy, with knowledge of the worlds, unsurpassed as a guide to mortals willing to be led, a teacher for gods and men, an Exalted One, a Buddha, even as I am now. He, by himself, will thoroughly know and see, as it were face to face, this universe, with Its worlds of the spirits, Its Brahmas and Its Maras, and Its world of recluses and Brahmins, of princes and peoples, even as I now, by myself, thoroughly know and see them”
In the Lotus Sutra, he is referred to as "Bodhisattva Mahasattva Maitreya" (see bodhisattva and mahasattva). He is one of the many "bodhisattva-mahasattvas" in the Lotus Sutra who asks questions of the Buddha.
Maitreya Buddha is then foretold to be born in the city of Ketumatī in present-day Benares, whose king will be the Cakkavattī Sankha. Sankha will live in the former palace of King Mahāpanadā, but later will give the palace away to become a follower of Maitreya.
In Mahayana Buddhism, Maitreya will attain bodhi in seven days, the minimum period, by virtue of his many lives of preparation. Once Buddha, he will rule over the Ketumati Pure Land, an earthly paradise sometimes associated with the Indian city of Varanasi or Benares in Uttar Pradesh. In Mahayana Buddhism, Buddhas preside over a Pure Land (the Buddha Amitabha presides over the Sukhavati Pure Land, more popularly known as the Western Paradise).