Apple released iOS 14 to the public in mid-September for all compatible iPhones. The latest release of iOS introduces a major home screen revamp, usability improvements for the Messages app, improved Maps app, and more. However, if you have ever jailbroken your iPhone before, you are still going to want to jailbreak it running iOS 14 due to the freedom it brings to the table.
iOS 14 Jailbreak Status
So far, no jailbreak tool for iOS 14 has been released. Some developers have teased exploits and tools for iOS 14 jailbreak but nothing concrete has happened yet.
On June 25, 2020, soon after the first iOS 14 beta was released by Apple, some Checkra1n developers teased an iOS 14 jailbreak by showing an iPhone X running Cydia. Checkra1n is based on the checkm8 bootrom exploit which affects iPhone X and older devices. Due to the nature of the exploit, checkra1n will continue to work on iPhone X and lower devices albeit with some compatibility updates with every new iOS 14 release. So, it is likely that checkra1n is going to be the first iOS 14 jailbreak for iPhone devices, though it will only support older devices.
On July 24, 2020, the Pangu team showcased a working iOS 14 jailbreak on an iPhone 11 Pro at MOSEC 2020. It is quite common for security researchers and major developer teams to showcase jailbreaks of the latest iOS builds at security conferences for demo and research purposes. With the Pangu team not releasing a new jailbreak tool after iOS 9 release in 2015, it is unlikely that we will see them have a change of heart and release an iOS 14 jailbreak tool for the public.