Python allows you to assign multiple values to multiple variables in one line. For example, you can assign values to variables x, y, and z on one line like x, y, z = 'Orange', 'Banana', 'Cherry'. You can also assign the same value to multiple variables like x = y = z = 'Orange'. Additionally, Python allows you to unpack values from a collection like a list into variables, for example fruits = ['apple', 'banana', 'cherry'] and then x, y, z = fruits.