The Alvarez hypothesis posits that the mass extinction of the non-avian dinosaurs and many other living things during the Cretaceous–Paleogene extinction event was caused by the impact of a large asteroid on the Earth. Prior to 2013, it was commonly cited as having happened about 65 million years ago, but Renne and colleagues (2013) gave an updated value of 66 million years. Evidence indicates that the asteroid fell in the Yucatán Peninsula, at Chicxulub, Mexico. The hypothesis is named after the father-and-son team of scientists Luis and Walter Alvarez, who first suggested it in 1980. Shortly afterwards, and independently, the same was suggested by Dutch paleontologist Jan Smit.

An extinction event is a widespread and rapid decrease in the biodiversity on Earth. Such an event is identified by a sharp fall in the diversity and abundance of multicellular organisms. It occurs when the rate of extinction increases with respect to the background extinction rate and the rate of speciation. Estimates of the number of major mass extinctions in the last 540 million years range from as few as five to more than twenty. These differences stem from disagreement as to what constitutes a "major" extinction event, and the data chosen to measure past diversity.