Sony Interactive Entertainment has said that the company is focusing only on PS5 backwards compatibility with PS4 games at the moment, with no comment to offer in regards to the system playing PS1, PS2 and PS3 titles.
PS5 Backwards Compatibility Update From Sony
The electronics manufacturer previously revealed that it is testing over 4,000 PS4 games to play on its current-generation console, with no plans confirmed for other system titles right now. However, rumors persisted for months that the PS5 would be able to play PS1, PS2 and PS3 games.
Microsoft’s Xbox Series X features full backwards compatibility with all Xbox console games, so it’s no wonder folk are keen to see Sony implement support for its wider back catalogue for PS5. David Hayter, the voice actor for Solid Snake, has said that the company’s plans for PS5 b/c are short-sighted.
We focus [sic] working on PS4 BC so that users can move to new console with their PS4 libraries. There is nothing we can answer about BCs with PS1, PS2 & PS3.
Sony will launch the PS5 in holiday 2020.
Source: Twisted Voxel