Yes, you can have multiple bluetooth devices connected to your phone.
App to manage your bluetooth devices
Additionally, you can use Smart Bluetooth Widget Pro by MDR Tools, Inc. available from Google Play Store to help you manage those devices:
This is a must have widget for your android if you have any bluetooth devices.
It adds a bluetooth icon to your home screen, and by just clicking on it, It will display you the list of paired devices and you can just click and connect to your bluetooth devices. No need to go to settings screen, turn the bluetooth on, and connect to your devices.
When you walk away from your bluetooth device, this widget not just cancels the bluetooth connection, It also turns off the bluetooth to save more from the battery.
You can also connect to multiple bluetooth devices at the same time.
You can connect to your speaker, and your headset at the same time.
There's also a free version Smart Bluetooth Widget Free.