iOS 18 will allow you to record calls, while ensuring everyone is informed about protecting privacy .

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Automatic recording of your live phone calls will occur through the Phone application.
After answering or making a call, you can enable recording. As mentioned above, all users are notified that the call is being recorded, ensuring transparency from the start. As the call is being recorded, iPhone can also provide a transcript of the call.
Upcoming Apple Intelligence will be able to create a summary of the key points of the call, allowing you to instantly see what was important.
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Transcripts of the phone calls will be available in the following languages: English (US, UK, Australia, Canada, India, Ireland, New Zealand, Singapore), Spanish (US, Mexico, Spain), French (France), German (Germany), Japanese (Japan), Chinese (Mainland China, Taiwan), Cantonese (Mainland China, Hong Kong) and Portuguese (Brazil).
Other new features in the Phone app include an improved search interface for call history, number auto-completion when you start typing digits, and the option to seamlessly switch SIM.

See also: Which iPhone models can support iOS 18
Apple plans to add the same audio and transcription capabilities to the Notes app, allowing for audio recording and instant transcription on the iPhone 12 and later models.
Source: macrumors
