Short answer is yes, but it all depends on the device you have.
Unfortunately with Android, device manufacurers or carriers often provide the updates. Usually they are glacially slow at it, or they don't do official updates at all.
First thing to do is check "About phone/device" in your system settings. See if there's a software update.
If not, you're probably running what the device maker feels is the latest for that device. Or there may actually be an update available.
However: depending on the device, third party developers often release updates for devices way beyond the official ones. This pretty much always requires rooting the device (taking full admin ownership of it) and wiping it clean, installing the updated OS as a ROM. (Along with a custom recovery/bootloader)
First check for an official update in the system settings then check the site xda-developers if your device has third party development support.