Anastasius was born in Dyrrachium, in modern Albania around 430. He was a finance minister in the court of Zeno, and had even been considered for the position of bishop of Antioch in 488, though he did not receive this post. He was nicknamed "Dicorus" (two-pupils) due to his eyes, one of which was blue, the other black.

After Zeno's death his widow Ariadne chose Anastasius as the new emperor, on 11 April 491. They married a month later to create a dynastic tie, showing that the rule of the eastern empire was now more of a monarchy system (and had been for several generations.) The choice of Anastasius came as a surprise to many, as Zeno's brother Longinus was the more expected choice. Anastasius exiled Longinus to an area in Egypt, replaced Isaurian officials in government, and began expelling other Isaurians from Constantinopolis. This prompted a brief revolt, though it wasn't until 498 that the last of the rebel hold-outs were eliminated.

In religion, Anastasius was a Monophysite, though he had made professions as an Orthodox (Chalcedonian). He was opposed to the Orthodox Patriarch of Cnstantinopolis and had him exiled in 496, replacing him with another Chalcendonian. By 511 Anastasius replaced this one with a Patriarch who was openly Monophysite, and also installed a Monophysite patriarch at Antioch. These changes were met with much resistance and even riots. A 516 attempt to replace the Patriarch of Jerusalem with a Monophysite provoked riots and was not pursued.

Anastasius reformed the finances of the eastern empire, reducing or abolishing some taxes while trying to make the tax collection more efficient. By the time of his death this left an incredible 320,000 pounds of gold in the treasury for his successor, Justin. He also reformed the bronze coinage in 498, and due to this many numismatists consider this change to be a good breaking point in the considerations of Roman, as opposed to Byzantine, coinage. He died in July of 518.

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