No. Although both are derived from the hemp plant (i.e. cannabis with a total THC content of 0.3%), these products are very different. Hemp seed oil is a food additive high in several nutrients but derived from the seeds which do not contain substantial amounts of medicinal compounds. CBD oil is a nutraceutical high in medicinal compounds, derived from the parts of the plant that contain these bioactive molecules. Depending on its carrier oil or other ingredients, it can also contain nutrients such as omega fatty acids. Hemp oil can be used to describe either of these products, so it is very important to closely read product labels and active ingredients.