A screenshot from the forthcoming Tyranny.
First up is Tyranny, a roleplaying game that they are developing for Paradox, due for release later this year. This game is set in a world where the bad guys have already won and the dark lord is in control of the land.
Second is Pillars of Eternity II. The original Pillars of Eternity (which I really need to get back to) was a big success and made Obsidian a solid amount of profit. A sequel is a no-brainer. However, this is in a rather early stage of development and Obsidian are still considering going back to Kickstarter for the sequel.
Most intriguingly, they have also got a third game under development in secret. This third game is, specifically, being worked on by Tim Cain, the creator of Fallout and former head honcho at Troika, Troika being the company that worked on Vampire: The Masquerade - Bloodlines using the then-cutting edge 3D Source Engine. The new game is using the now-cutting edge 3D Unreal 4 Engine, and Obsidian's new partners-in-crime Paradox recently gained the Vampire licence when they, er, bought the entire company lock, stock and barrel. Fans are already running around screaming in hope that Obsidian and Paradox may be collaborating on a new Vampire game with some of the same team who made Bloodlines working on it. Paradox also recently bought the specific Bloodlines trademarks and rights, which would allow them to make a direct sequel or remake the first game. There is also the possibility that this new game might be related to Obsidian's recent partnership with Paizo Publishing to make video games based on the Pathfinder RPG system.