Todd Howard, the director of Bethesda Game Studios, confirmed in an interview with IGN in 2021 that Fallout 5 is in development, but that it is still “a long way off.” He said that the studio is currently focused on the upcoming release of Starfield, which is scheduled to be released in 2023.
Howard also said that Fallout 5 will be “different” from previous games in the series, but he did not elaborate on what that means. He said that the team is still “brainstorming” ideas for the game, and that it is too early to say anything concrete.
It is likely that Fallout 5 will not be released until at least 2026, if not later. This is because Bethesda Game Studios is known for taking a long time to develop their games. The Elder Scrolls 6, which is also in development, is not expected to be released until 2026 at the earliest.
That this may be disappointing for some fans, but it is important to remember that Bethesda wants to make sure that Fallout 5 is the best game it can be. They are not going to rush it out the door just to meet a deadline.