While it's technically possible for V to have multiple relationships in Cyberpunk 2077, there's a catch that comes at the end of the game.
One hotly debated element of Cyberpunk 2077 has been the romances. Whether it's if Panam Palmer or Judy Alvarez is the best romance option, if players should be able to romance Judy as a male V use mods, or that Kerry Eurodyne and River Ward deserve more love, it's one aspect of Cyberpunk that many players are enjoying above other parts of the game. One big question that arises while talking about romanceable characters is if the player can date multiple without consequences.
The answer isn't quite as simple as "yes" or "no" because of the way Cyberpunk 2077 handles relationships. Much like CD Projekt Red's hit title Witcher 3, romance can influence the main campaign and the ending to some degree, depending on the person romanced. But another element of the game that may have been bigger if not for the amount of content cut from Cyberpunk is the opportunity to party and explore the nightlife in Night City.
Having Multiple Relationships in Cyberpunk 2077
The short answer is yes, V can have multiple relationships without consequence. V can explore Night City to its fullest, meaning having some fun with JoyToys, even while in a serious relationship with Judy. V can help Johnny Silverhand explore his late romantic relationship with Rogue even if they're dating River. And that sudden encounter with Meredith Stout can still happen despite going steady with Panam.
V can also choose to start serious relationships with whichever two are available based on gender, for example, Judy and River for a V with a female voice tone and body, or even all four if mods to change this are being used. It'll never be brought up as "cheating" or any other kind of consequence at any point in the game.
The Phone Call and Point of No Return
Towards the end of Cyberpunk 2077, players will have to make a choice who they want, if anyone, to be considered their most serious relationship. After reaching the point of no return by meeting Hanako at Embers, V will have a moment with Johnny on Misty's secret rooftop. Here, they'll not only decide how to handle the final heist at Arasaka, but they'll also get the opportunity to make one phone call to a loved one to say their goodbyes.
This phone call directly correlates with what the game deems as V's "official" relationship and can partially influence V's final moments in Cyberpunk 2077. For example, in the Sun ending, one of those four, if any, will be shown sharing V's mansion and will each have unique dialogue.
Cyberpunk 2077 is available on PC, PS4, Xbox One, and Stadia, with PS5 and Xbox Series X/S versions in development.