Last Alliance of Elves and Men
Sauron had been contending with the Elves for mastery of Middle-earth for over 1200 years. Fearing the establishment of the powerful kingdoms in exile — Arnor and Gondor — by his hated enemies, the Dúnedain, Sauron launched a preemptive attack on Gondor in S.A. 3429.
In response, Elendil, High King of the Dúnedain, formed an alliance with Gil-galad, the High King of the Eldar, to repel Sauron's assault. Durin's folk, under command of King Durin IV, also aided Elendil and Gil-galad by sending a host of Dwarves from Three of the Seven Houses of Dwarves.
The three kingdoms assembled their armies in Arnor and marched on Sauron's forces. In S.A. 3434 they defeated Sauron's army in the Battle of Dagorlad, breeched the Morannon into Mordor, and besieged the Dark Lord's fortress of Barad-dûr. The siege lasted for seven years, during which Anárion, Elendil's son, was slain. It culminated in Sauron leaving his fortress and engaging in direct combat, at which time both Elendil and Gil-galad perished. Durin IV survived this siege and afterwards returned to Khazad-dûm.
Sauron was felled by Gil-galad and Elendil, who both perished the assault themselves. Elendil broke his sword Narsil as he fell. Using the hilt-shard of the sword, Isildur cut the Ring from Sauron's finger. Bereft of the power of the One Ring, Sauron's spirit dissipated and would not take form again in Middle-earth for a thousand years.
With the victory over Sauron, and the death of Gil-galad and Elendil, the Last Alliance was dissolved.