Microsoft is currently working on an Xbox 360 emulator that will allow gamers to play 360 games on the Xbox One.
Microsoft’s development lead Frank Savage said: “There are [still plans for an emulator] but we’re not done thinking them through yet, unfortunately,” he added “It turns out to be hard to emulate the PowerPC stuff on the X86 stuff. So there’s nothing to announce, but I would love to see it myself.”
Microsoft have stated that backwards compatibility might be possible thanks to their Azure cloud servers. There have been recent rumours that you can access developer setting on your Xbox One to make it play 360 games but this is not true and you will most likely end up bricking your console.
The PS4 is also not currently backwards compatible though there have been many rumors that Sony are working on backwards compatibility.