The future of Java will include more frequent releases every 6 months, moving Java EE to the Eclipse Foundation and renaming it to Jakarta EE, decoupling JavaFX and deprecating applets. Project Valhalla aims to improve generics and add value types. Default methods will generate common implementations like getters/setters. While OracleJDK will remain commercial, OpenJDK will be the open source reference implementation updated every 6 months.