In aspects of variable relinearization in homomorphic encryption, a computing device stores homomorphic encrypted data as a dataset, and implements an encryption application that can perform a multiplication operation on a ciphertext in the homomorphic encrypted data, where the multiplication operation contributes to increase a noise component in the ciphertext. The encryption application can determine a relinearization amount by which to relinearize the ciphertext after the multiplication operation, where the determination is effective to optimize a noise increase in the ciphertext based at least in part on projected subsequent multiplication operations on the ciphertext. The encryption application can then relinearize the ciphertext utilizing the determined relinearization amount that optimizes the noise increase in the ciphertext for optimal relinearization performance.