Cyberpunk 2077's Life Paths tell the story of how your own main character, V, got to where he is in the world. Your Lifepath covers your story before the game story begins. The Lifepath you choose affects how your game starts. There are three options to choose from, all of which will tell you how your game is going.
Street child
A Street Kid is someone who grew up in the real Night City, at ground level, in the mud and grime with real people. Gangs, violence and drugs are a way of life. You have friends raised in low places, and you are intimately aware of some of the darker aspects of life in Night City. You are home with the gangs and criminal elements, and when it comes to street commotion, you can spot it from a mile away.
Nomadic
Nomads live outside of Night City. They depend on vehicles, move from place to place, but have small, tight-knit communities and families. The first steps of a Nomad campaign will cover how and why you decided to move to Night City. Nomads are defined by their fierce independence and their ability to survive in the Badlands outside the city.
Body
Corpo players will start their game as a business type. You will have connections with power and friends in high places, but you will stand out on the streets as someone who does not belong. You will be comfortable with the double play and backstabbing of corporate espionage. While Night City's low life may be a mystery to you, when it comes to powerful players, you know what they are like, how they think, and what they really want.
Your Lifepath will not only have an impact on the start of your game, it will also dictate various opportunities and dialogue options that will present themselves to you as you play through the campaign. However, not all Lifepaths will provide benefits. If you are a street kid dealing with a corporation, you will be a bit outside your league, while the corpo will have some insider knowledge to lead to additional options. It will be different for each mission, adding variety to each, allowing for greater replayability and more choice.