Once you defeat all the world bosses, you will see a cut-scene, and the middle seal in the Nexus opens up. After this point you can no longer talk to the Maiden in Black to upgrade your Soul Level! You can still enter any world and farm souls or items, upgrade items, or do whatever you want without finishing the game. When you do talk to the Maiden in Black, she will escort you to the end zone, and even from there you can just return to the Nexus via an archstone there, if you want to go back to the worlds again. Before you complete the game the first time, make sure you upgrade and collect as many souls with which to level up as you possibly can before doing so. I say this because once you finish the game the first time around, and you choose to try a new game+, the second time around is much harder than the first. However, every subsequent new game only very slightly increases in difficulty (about 8% more difficult).
Be aware, after you do finish the game you automatically start your new game+, and you still can't upgrade your Soul Level until you beat level 1-1 again. So, you will have to carry all your souls earned defeating the last boss of playthrough 1, plus the souls from the end game, plus the NG+ run through level 1-1 and Phalanx, before you can spend them on levels. If you have 300,000 souls and you're starting a New Game+, try not to feel too bad when you die twice in a row and lose all your souls. Because you will also be in body form, you should consider playing 1-1 in NG+ in Offline mode, to prevent Black Phantom PVP attacks which risk losing you all those precious souls before you can spend them.
The End Game zone is a beach with some ruins, and nearby is the massive (Yggdrasil-inspired?) Old One. (Those with good low frequency speakers will enjoy the deep sonic effects here). The Maiden will beckon the Old One, who will come close and invite you to enter its maw-like interior. Here there is a final boss fight, with what appears to be the captive, deformed, and despondant form of the true King Allant. Whether you feel pity for him or not, it should be an easy fight to win. Be sure you don't miss picking up Soulbrand after he dies.
After you beat this final enemy, you have a choice:
Congratulations! Real Demon's Souls starts now.






