Upcoming features

1.4.1.2
1.4.1.2 will be the final update of Terraria. The content of the update and its release date are currently unknown.

Journey's End for Mobile
The Journey's End Update will be released for Mobile platforms on October 20th. This was confirmed on the official terraria twitter account.

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.