Update multiple rows in same query using PostgreSQL

You can also use update ... from syntax and use a mapping table. If you want to update more than one column, it's much more generalizable:

update test as t set
    column_a = c.column_a
from (values
    ('123', 1),
    ('345', 2)  
) as c(column_b, column_a) 
where c.column_b = t.column_b;

You can add as many columns as you like:

update test as t set
    column_a = c.column_a,
    column_c = c.column_c
from (values
    ('123', 1, '---'),
    ('345', 2, '+++')  
) as c(column_b, column_a, column_c) 
where c.column_b = t.column_b;

sql fiddle demo

Based on the solution of @Roman, you can set multiple values:

update users as u set -- postgres FTW
  email = u2.email,
  first_name = u2.first_name,
  last_name = u2.last_name
from (values
  (1, '[email protected]', 'Hollis', 'Connell'),
  (2, '[email protected]', 'Robert', 'Duncan')
) as u2(id, email, first_name, last_name)
where u2.id = u.id;