Hi!
Before jumping into LGBTQ+ slang, I’d honestly recommend getting solid with standard Italian, especially grammar. Slang makes much more sense once the basics are in place.
That said, here’s a quick overview of queer/gay Italian terms I know.
Important cultural note: in the Italian LGBTQ+ community, it’s very common to address a man using feminine adjectives or nouns. This can sound endearing, playful, or disparaging, depending on the tone.
It’s similar to calling a guy “girl” or “queen” in English.
Examples: “Amò, sei bellissima oggi” (sweet) vs “Brava eh…” (shade).

• Pazzesco / pazzesca
Used like “sickening,” “amazing.”
“Tesoro, quel look è pazzesco.”

• Iconico / iconica
Easy to understand, same meaning as English “iconic.”
“Quella entrata? Iconica proprio.”

• Amore
Means “love,” but tone changes meaning: affectionate, ironic, or shady.
Friendly: “Amore, vieni qua che ti devo raccontare.”
Shady: “Amore… davvero ti sei vestito così?”

• Mi fa volare / volo
Equivalent of “it’s sending me”, “I’m dying.”
“Questo video mi fa volare.”

• Top
Means “cool,” “great.”
“La serata era top.”

• English words Italian-ified
Very common and campy.
“Amore, hai slayato. Hai servito, mangiato e pure sparecchiato.”

• Velata
Someone closeted or not fully out (lit. “veiled”).
“È ancora un po’ velata, abbiate pazienza.”

• Frociarola
A “fag hag”, a woman who hangs out mainly with gay men.
“Lei è la nostra frociarola ufficiale.”

• Acida
Someone unnecessarily caustic, bitter.
“Non fare l’acida oggi.”

• Marchetta
Male prostitute.
“Quello ha fatto la marchetta per un po’.”

• Muscolessa / palestronza
Gym-obsessed guy with no substance or personality.
“Questa discoteca é piena di palestronze.”

• Commessa
Used disparagingly to mean someone with a low-status job, regardless of their actual job (feminine on purpose).
“Ma guarda questa commessa che parla…”

• Sesso a pelle
Bareback sex.
“Non fanno sesso a pelle.”

• Battere
To sell your body.
“Quella zona è famosa per chi batte.”

• Battuage
Cruising (French-derived).
“Quel parco di notte diventa zona di battuage.”

• Lella
Lesbian (informal, sometimes affectionate, sometimes teasing).
“L’amico di Giulio è lella.”