Yes, and there are other benefits as well. There are different ways that you can walk and incorporate it into your health plan.  For instance, the heel to toe method focuses on toning your tush while the balance walk works on your abs and hips. This site has several other options that you can do as well.
Breaking it up with interval training can boost your calorie burning efforts.  If you want to get the most from it, a faster pace will burn more calories than a slower one, and you can tighten your abs to help tone them. Consider using small ankle or wrist weights to burn a few more calories per session.
You will need to reduce your calorie consumption in order to lose any significant amount of weight though.
If you decide to walk regularly, make sure that you have the right shoes and always take water along with you. When in parks or other public places, avoid listening to music or keep the volume low enough that you maintain awareness of your surroundings.