For the sake of comparison, the Xbox Series X will be fully backwards compatible with the Xbox One, and will offer a similar game-by-game basis for Xbox 360 and original Xbox games. In other words, in this department, it appears the Xbox Series X has bested the PS5.
As for whether the console will support any type of backwards compatibility with the PS3, PS2, or PS1, Sony doesn't say. That said, while there are rumors suggesting the console will have some level of backwards compatibility with these legacy consoles, many have suggested these rumors are asinine, including the developers Kotaku's Jason Schreier has spoken with.
I’ve asked a few folks in the know about the PS1-PS3 rumors and while nobody could guarantee they weren’t true (most people aren’t briefed on every single detail of the console), they did all laugh at the idea. Seems like nonsense to me
— Jason Schreier (@jasonschreier) March 18, 2020
Of course, given the fact that Sony has talked about PS5 backwards compatibility on multiple occasions already, without mentioning the PS3, PS2 or PS1, suggests there's nothing to say on this front. However, it's also possible these details are still being worked out or being saved for a bigger splash later down the road.
The PlayStation 5 is set to release sometime this holiday season, and is reportedly still on track to release during this window, despite the coronavirus pandemic.
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Source: https://comicbook.com/gaming/2020/03/18/ps5-playstation-5-backwards-compatibility-ps4-launch/
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