The Great Dawn (大きな夜明け Idai na Yoake) is the twelfths episode of the anime Hakuouki: Reimeiroku (Demon of the Fleeting Blossom: Dawn of the Shinsengumi). It aired on September 24, 2012.
Plot

Serizawa is unwell
The episode begins with Kondou arriving to have a discussion with Serizawa about an increase in the Shinsengumi ranks and the need to move some of the members out of the Yagi residence, and Serizawa having a lot of empty rooms to spare. Serizawa makes a comment about Niimi's room being vacant due to recent events. The commander also wonders whether Kondou was the one to come up with the idea and agrees hearing that it was Hijikata and Sannan. As Kondou leaves, Ryuunosuke brings Serizawa his sake and sees him struggling health-wise. The kid starts lecturing him about taking care of his health but Serizawa only lashes out at Ryuunosuke telling him to drop the topic.

The secret meeting about Serizawa's assassination

The party before Serizawa's assassination
A day before Serizawa's assassination, a few selected captains are gathered in the common room in secret, and Kondou green-lights the operation under Aizu's orders, taking full responsibility.
Next morning Hijikata and others invite Serizawa to Shimabara. Despite initial suspicion, Serizawa believes that the party is organized in order to bring peace to the relationships between commanders and vice-commanders. Everyone has fun at Shimabara, even though staying on high alert, except for Harada and Inoue who are not present. After a few hours of relaxation, Serizawa decides to leave, and Hijikata, Sannan and Okita follow him. Ryuunosuke tries to go as well but Serizawa orders him to stay and enjoy the food, also ordering Nagakura to look after the kid. Nagakura, Heisuke and Ryuunosuke do not know of the plan to assassinate Serizawa.
As Serizawa returns to his room, he sees Oume whom he gave the money he owed her and told to leave, however, she returns the money and asks to stay by his side. Going to bed, he warns her that Hijikata and others are planning to kill him that night and that she may end up amidst the feud but she is determined to stay anyway and asks him to let her die with him.
While Hijikata and others wait for Serizawa to fall asleep, he gets up and draws his sword near sleeping Oume, murdering her.

Ryuunosuke runs away to warn Serizawa
Having had enough to eat and drink, Shinpachi, Heisuke and Ryuunosuke intend to head home but Saitou stops them and asks them to stay in Shimabara. Shinpachi quickly realizes the reason and voices it in a question form but Saitou keeps silent. He readdresses his question to Kondou but receives no reply. Saitou finally speaks up and asks Shinpachi what he intends to do if his guess is correct. While Shinpachi makes a scene about not being part of the selected group allowed to know, Ryuunosuke rushes to warn Serizawa. Heisuke chases after him, and Shinpachi joins, so Saitou is forced to run after them all. As Saitou tries to stop Shinpachi, the latter is offended that he was not trusted with the information only, as he assumes, due to him being from the same school as Serizawa. Saitou denies that but Shinpachi is not satisfied which is why he draws his sword forcing Saitou to do the same. Seeing the commotion, Ryuunosuke seizes the opportunity to escape and head back to the headquarters. Heisuke chases after him.

The Shinsengumi surround Serizawa after he killed Oume

Saitou defeats Shinpachi

Serizawa becomes a Rasetsu

Serizawa killed by Hijikata
As the other captains proceed with the assassination plan and enter Serizawa's room, they see him holding a sword covered in blood and waiting for their arrival.
Fighting with Shinpachi who does not want to stop, Saitou hits him in the stomach using a safe side of his sword. When Shinpachi asks him why he flipped it, Saitou claims that he is fighting precisely to ensure his comrade's survival.
Meanwhile, Hijikata officially announces that Serizawa has gone too far and must die for the sake of the Shinsengumi. However, the commander laughs at it and dares him to try. Hijikata stays determined and claims that he will go as far as necessary and even become a demon from hell.
When Ryuunosuke reaches the headquarters, he sees Harada keeping watch and decides to go over the fence. Shortly afterwards Heisuke informs Harada that Ryuunosuke must be here somewhere. Having stayed behind before, Inoue is there to stop Ryuunosuke in time but the kid cries out Serizawa's name hoping to stop the inevitable. He keeps begging Hijikata to stop revealing Serizawa's disease, but Hijikata is not moved by any sentiment. He manages to hurt Serizawa's arm, and the commander takes out a vial of Ochimizu turning into a Rasetsu. Throwing off half of the captains, Serizawa laughs and claims to be a tough one to kill. He approaches Ryuunosuke, takes him by his throat and says calls his attempt to save him disgusting. Kicking off both Harada and Okita, Serizawa tells Ryuunosuke to live and promises that one day he will understand what is happening. Shocked and scared, Ryuunosuke runs away giving up on Serizawa but following his last order to survive. As Hijikata is the only one left standing, Serizawa keeps mocking him about not being able to become a demon and surpass the commander. Sannan attempts to attack Serizawa but his sword gets broken by Serizawa's fan. Seeing the opening, Okita pierces through his arm immobilizing it, which gives Hijikata enough time to pierce through Serizawa's heart.
It is fine. You did a good job.—Kamo Serizawa, last words to Hijikata Toshizou

Okita finds Ryuunosuke
Having dealt with Serizawa, Hijikata gives an okay to Sannan's question whether it is necessary to find Ryuunosuke. Okita hears it as "go kill him", and the search begins. Unfortunately for Ryuunosuke, Okita is the one who finds him and mocks him about being inept at everything including running away. The kid's attempt to oppose Okita is futile as his sword instantly flies away and falls into the river. Ryuunosuke tries to throw mud into Okita's face and run, but Okita predicts it and closes his eyes in time, and then throws a kunai into Ryuunosuke's calf to slow him down. Ryuunosuke screams that he wants to live, and Okita laughs noticing that the kid has changed and developed a true desire to live. Instead of surely killing him, Okita tells him to put faith in his luck and throws him off the bridge into the river. He bids farewell and adds that they will never see each other again.
Okita tells the commanders what happened, and Hijikata points out that right after a heavy downpour Ryuunosuke could not have survived the river's rapids. They decide to leave it at that. Sannan kindly says that Hijikata is yet to become a true demon in his heart, but Hijikata is determined to become the Demon Vice Commander from that moment on. Sannan decides to take over Niimi's research on Rasetsu, and Kondou asks him to help the men who were turned into monsters earlier.

Chizuru and Ryuunosuke at the end of Reimeiroku
Next morning, as Shinpachi continues to rant at Sano and Saitou, Heisuke wonders whether Ryuunosuke is alive, and the next scene shows his body washed ashore. He opens his eyes and stands up. At the same time, Kosuzu leaves Shimabara to visit her hometown. Chizuru is dressed in a male kimono and ready to travel from Edo to Kyoto. As she leaves, she walks past Ryuunosuke who has cut off his hair. Even though they do not know each other, the scene looks as if Chizuru is about to take his place as his story with the Shinsengumi has ended. Remembering Serizawa's last words, Ryuunosuke informs him that he is alive and hopes to understand his feelings one day.