I'll have 4-5 node modules and application developing together. But WebStorm always opening one project in a WebStorm window. In Visual Studio there is a solution which may have multiple projects but I don't know there is a way to do same in WebStorm.
Is there any way to build them together and making release and updates in one IDE?
Yes and No.
No -- WebStorm can open only one project per window/frame.
https://youtrack.jetbrains.com/issue/WEB-7968 -- watch this ticket (star/vote/comment) to get notified on any progress.
Yes -- you can add content from another project into current one by using Content Root functionality. For that: Settings/Preferences | Project | Directories -- use Add Content Root button to add such additional folder. Once added it will be shown in Project View as separate node.
NOTE: it still counts as one project (which means: the same project settings applied to all content roots).