Upcoming features

1.4.1
1.4.1 will be the last content update for Terraria, according to Re-Logic.

Items:
 * Possibly an item made by combining the Royal Delight and the Regal Delicacy that summons both pets.
 * Multiple vanity sets from the winners of the.

Miscellaneous:
 * A new music theme from Resonance Array composer Scott Lloyd Shelly.
 * 11 new achievements, including:
 * A golf achievement.
 * Achievements for playing certain songs on the Rain Song or Stellar Tune.
 * Performance optimization for the macOS and Linux operating systems.
 * Localization.
 * Rebalancing of some accessories
 * Band of Regeneration heals twice as much health
 * Band of Starpower and Panic Necklace can be crafted into each other in a graveyard
 * Bone Glove is now an accessory that launches a bone with all attacks
 * Brain of Confusion's Mind Trick buff is nerfed
 * Celestial Cuffs now preserves the +20 mana from Band of Starpower
 * Additional breath capacity from Diving Helmet increased
 * The ability of Titan Glove to give autoswing to all melee weapons has been moved to Feral Claws; Titan Glove now increases melee weapon size
 * Lucky Horseshoe is now found in underground Gold Chests; Fledgling Wings take its place in Sky Chests
 * Increased defense of Flesh Knuckles, Berserker Gloves, and Hero Shield
 * Fire Gauntlet's damage and melee speed bonuses were increased, and the buffs to its components apply to it as well
 * Honey Comb bees do more damage now, and it has a secondary effect of granting the player the Honey buff when hit
 * Jellyfish Necklace now gives off some light when out of water, and a dramatically stronger light when in water
 * Lava Charm is twice as common
 * Damage over time from Magma Stone's fire effect is increased
 * Flaming Arrows created by Molten Quiver now have +2 damage (this is technically a bug fix)
 * Obsidian Rose protects against more damage, and is now used to craft Lava Waders
 * Panic Necklace buff duration increased
 * Pygmy Necklace can now be bought pre-hardmode
 * Stars dropped by Star Cloak do more damage, and have defense penetration

1.4.1.1
The content or release date of the 1.4.1.1 update is currently unknown.

1.4.1.2
1.4.1.2 will be the final update of Terraria. It will be released one week after 1.4.1.1. The content of the update is currently unknown.

Terraria series
Redigit stated that he plans to later release Terraria 2, a separate game from the cancelled Terraria: Otherworld, although little information is known about the nature or content in the possible upcoming sequel at this time.