Can the same PC have more than one operating system?

My laptop’s OS is Windows 8.1. This might sound weird but I still love playing some old retro games like Age of Empires 2 and Mafia and even Road Rash. The thing is, for various reasons, they don’t run the way they should on Win-8.1. Like AOE2 has color disruption on 8.1. But all those games shall run fine on Windows XP. Can I install Windows XP on my laptop and run both XP and 8.1? If that’s possible, please show me how. Thanks.