The period between 1853 and 1868 (
bakumatsu) is quite complex. With the appearance of the Black Ships, both sides realised the need to modernise the country, especially its defence capabilities, if only to fend off future incursions by Western powers. Most domains were staunchly opposed to opening up the country, with the
Mito domain, ruled by a collateral branch of the Tokugawa, on the forefront of the
sonnō jōi movement. Ironically, the last Tokugawa
shogun, Yoshinobu (aka Hitotsubashi
Keiki), would come from the Mito clan. While everyone agreed that the foreigners had to be repelled, there was substantial disagreement about how and under whose leadership this would be best accomplished.
Satsuma and
Chōshū were rivals until 1866 or 1867. Satsuma and Aizu had stationed troops in
Kyoto to protect the capital and the interests of the shogunate, while Chōshū sent insurgents to destabilise the
bakufu. Both sides aimed to safeguard the emperor and bring him onto their side.
Two events sounded the death knell for the shogunate: their defeat in the military expedition into Chōshū, and the alliance between Satsuma and Chōshū, forged by
Sakamoto Ryoma. Acknowledging the hopelessness of his situation, Yoshinobu resigned in 1867. Tokugawa forces would be fighting the Satchō alliance in eastern Honshū and
Hokkaidō until 1869.
As mentioned above, all players were aware of the need to modernise the country. In the early 1860s, domains like Satsuma and Chōshū as well as the shogunate started trading with Western powers, mainly to modernise their military forces. They sent samurai, students, and emissaries to Western countries and established trade relations. As for the emperor: while Emperor Kōmei (who died in 1867) supported the anti-Western forces in the country (first the shogunate, then the Satchō alliance), the young Meiji Emperor was influenced by a clique of Satsuma and Chōshū leaders who'd reached the conclusion that it would be best to open the country and to "learn from the West."
The above is by no means complete and just a crude overview. We have a lot of related articles (some of which, I admit, need updates and more depth). Feel free to take a look or just ask in this thread.
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