Can You Have Multiple Characters in Oblivion on Xbox 360?

Not on a single profile. Xbox 360 saves are tied to the user profile—one profile = one character save.

Workarounds

• Create a new Xbox 360 profile: Each profile gets its own save slot.
• Use a different console: Sign in with a different profile on another Xbox 360.

Transferring saves between consoles is complex and not always possible. No in-game multi-character support exists.