The short answer is, no; the PS5 does not offer full backwards compatibility with PS1, PS2, and PS3 titles. These three generations are mostly incompatible with the PS5 for a variety of reasons.

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along with PS3 and PS2 games by way of streaming, and only for a certain selection of titles. It's not backwards-compatibility in the traditional sense of popping your old Xbox or PlayStation disc ...

Sony, meanwhile, has the PlayStation Plus Premium tier, which offers hundreds of games to download and/or stream from the PS1, PS2, PS3 ... you’re willing to risk compatibility issues.

The PS4's lack of backward compatibility was an issue when the console launched, so Sony created PlayStation Now. The streaming service lets you play hundreds of PS2, PS3, and PS4 titles.