The short answer is no. MP3 is a "lossy" format, meaning some audio data is removed to reduce file size, typically frequencies less noticeable to human ears.
CDs, by comparison, store music at a higher resolution of 1,411 kbps, while the best MP3s max out at 320 kbps. Although MP3s aim to remove less crucial sounds, you may notice a lack of deep bass and a "splashy" high end. While MP3s offer convenience, lossless and hi-res formats provide superior sound quality.