Sony has confirmed that name changes are indeed coming to PlayStation, allowing people to change their PlayStation Network usernames. Additionally, you will have the option to display your old ID so that friends can become accustomed to the change. However, unlike the previous setting, this option is only available while applying the change and not after.
If accepted, users will be able to change their online ID as many times as they'd like, with the first change being completely free. You can change your Online ID as many times as you want, but much as with Xbox only the first change is free - it'll cost you $9.99 USD/CAD or your local equivalent after that.
Now, at long last, PSN will fall in line with virtually every other online service you can think of and let users change their name. If you're not in the Preview Program, the feature will not be available until Sony gives it an official full release.
KitGuru Says: I've been wanting to change my name for quite some time after my online moniker was inexplicably denied. Unfortunately, not all titles will support the new online ID, as Sony explains that players may "occasionally encounter issues or errors in certain games".
The preview program for the long-awaited feature will go live at the end of November, 2018, followed by a full rollout scheduled for early 2019 if all goes to plan. There will be a way to fix these problems, but you may not like it. This should solve "most" issues. Once decided, you won't be able to switch between showing/not showing your old ID. That's because Sony has never offered the option to change that PSN username, despite over a decade of frequent requests from users embarrassed over youthful name choices like "XxX_BluntMaster69_XxX".