Prestige, the Old Man & Hagoromo

There are two ways to reset your level, and each can only be done once. Both reset you in exchange for a permanent multiplier on your stats.

The Mysterious Old Man (first prestige)

An NPC in Story Mode.

• Requires: level 750.
• Resets: your level (back to 1), XP, all stat points and all your quest progress.
• Keeps: all jutsu, dojutsu, clan, Sage Mode, tailed beast, cosmetics and titles.
• Reward: every stat point you spend from then on is worth 1.8x, forever.
• Limit: once.

Hagoromo Otsutsuki (second prestige)

The Sage of Six Paths sits floating above the ground with his Truth-Seeking Balls circling him, in Story Mode at X 426, Y 77, Z -1688.

• Requires: you've already taken the Old Man's deal, and you're back up to level 950.
• Resets: the same as the Old Man: level, XP, stat points and all quest progress.
• Keeps: the same as the Old Man.
• Reward: your stat multiplier goes from 1.8x to 2.5x, forever. It replaces the 1.8x. The two don't multiply together.
• Limit: once.

Which should I do?

• The multiplier only counts points you spend after the reset. The earlier you take it, the more points benefit.
• Both resets also clear your quest log, so finish the questlines you care about first, or plan to redo them. Questlines that gave you a technique don't take it back.