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Adobe has confirmed that PHP 7.3 support for Adobe Commerce (Magento) and Magento 2 ends on 31 December 2021. If you are running PHP 7.3, you need to be on PHP 7.4 or later by then to stay on a supported version.
The deadline is not Adobe's
PHP support timelines are set by the PHP project, not by Adobe. Once a version is out of support it stops receiving security patches and bug fixes, and hosting providers and extension vendors start dropping it too. Running unsupported PHP is an exposure that gets worse on its own.
Working through it
Check what you are on. Your hosting control panel or your hosting provider will tell you.
Test compatibility. Run your custom extensions, integrations and customisations against PHP 7.4 in a staging environment first. Most maintained extensions are already fine; older custom code is where the surprises live.
Schedule it properly. Pick a low-traffic window, agree the rollback before you start, and do it with your hosting provider or development team rather than around them.
Verify afterwards. Checkout, payment processing, customer accounts and third-party integrations — test all four, in that order of urgency.
What you get besides support
PHP 7.4 brings typed properties, arrow functions and better performance than PHP 7.3. None of that will transform your store on its own, but it is real, and it arrives with work you have to do anyway.
What this means for you
You have until 31 December 2021. For most stores this is a small, well-understood piece of maintenance — and an expensive one only for whoever leaves it until the deadline has passed and their extension vendor has stopped answering.