Yes. Easiest way is to format it in FAT32 (or MS-DOS file system, as Disk Utility calls it). There may be some size limitations, if so you might be better off formatting it from your PC.
Don't use NTFS (standard Windows file system), since that will be read only from your Mac, and likewise stay clear of Mac OS Extended file system, since Windows won't recognise that without commercial 3rd party software.