Yes, this means that you have more cholesterol in your blood, which has caused this deposit in your eye. This is called hyperlipidaemia. This is partly genetic and partly your life style with food and exercises etc.
Even new born babies can have too much cholesterol in their blood. There are medications in addition to your life style change, which can reduce your cholesterol levels and thereby prevent subsequent damage to your system. Even if and when you have cholesterol deposits in your blood vessels, this treatment by statins can help to reduce it but treatment has to be taken for the rest of your life.