Do Mormons believe in many gods?

Not exactly. Mormons believe in God the Eternal Father and in His Son Jesus Christ and in the Holy Ghost. They believe that these beings are three distinct persons, and they believe them all to be divine; however, Mormons direct all of their prayers exclusively to the Father. They never pray to Jesus Christ, and they never pray to the Holy Ghost.

Mormons also believe that men and women are destined to be "joint heirs with Christ" (Romans 8:17); and therefore, to become divine themselves in some way, but always subjects of the Father and never objects of worship.