Loki season 2 has been confirmed by Marvel Studios, in an official teaser that was included as part of the end credits of Loki season 1's finale. Reports that Marvel Studios had already approved Loki for a second season started to circulate before season 1 arrived, going all the way back to 2019 when Marvel's legal filings for Loki's production indicated that multiple seasons of the show were planned. While we still don't have any official information from Marvel Studios yet (at the time of writing this), there are a few details that the rumor mill has provided in the last few months.
Last fall, nearly a year after first hearing about Loki getting multiple seasons we got another indication from production schedules that Loki season 2 will start production in 2022. It now seems like that will indeed be the case; writer Michael Waldron is reportedly returning for season 2 - which is fitting since he also scripted Doctor Strange in the Multiverse of Madness, a film which is tied directly to the same multiverse arc that has kicked off in Loki.
Waldron recently played coy about the possibility of Loki season 2, telling Murphy's Multiverse: "It was really always my hope and intention with this to tell a complete story with this season. Season one would stand on its own and, you know, is there more story to tell in the future? I don't know, time will tell."
That explanation didn't really pan out, at all, given where Loki season 1's finale took the story.... (SPOILERS FOLLOW!)
2012 Loki (Tom Hiddleston) and Sylvie (Sophia Di Martino) made it to the citadel at the end of time. There they discovered He Who Remains (Jonathan Majors) the proverbial 'Man Behind The Curtain' who turned out to be an all-powerful (and quite mad) scientist from a future. That scientist discovered the multiverse and worked with his variant selves to boost their technology and knowledge to seemingly god-like degrees, in the name of mutual peace and advancement. Things went sideways when some of the scientist's evil variant selves started a war to conquer the multiverse for themselves. He Who Remains straightened the timeline out into one "Sacred Timeline" where he didn't nearly destroy reality - but thanks to Sylvie's bloodlust, the dictator of time and reality has been slain - and the Multiverse War is free to reign again.
While the heroes of the Marvel movies will be dealing with a Marvel Cinematic Multiverse that's blown wide open, poor Loki has to deal with the immediate problem of being stranded in an alternate version of the TVA where Mobius (Owen Wilson) has no idea who he is.
Bring on Loki season 2!