Yes. Cycling is an excellent calorie consumer and weight-loss exercise. For example, a 160-pound man will burn about 870 calories pedaling seventeen miles in an hour. That's pretty close to what the same man would burn running and a lot more than he'd burn playing golf. But, there are no miracles. In order to lose weight, you must burn more calories in a day than you consume. So bicycling is excellent, but you must also eat sensibly.
If you can maintain a regular ride schedule, avoid over eating and fatty foods, there's an excellent chance that biking will strip the weight you want to lose. One of the biggest reasons is that cycling is fun. Unlike, a lot of other exercises, biking is done on a machine that supports your weight. Consequently, there's no impact on your feet, ankles, knees and back. So, you're a lot less likely to get injured as you roll up the miles.
Also, and maybe more important, cycling gets you out and about so can enjoy yourself while exercising. You get to coast down hills and see new areas. Most people find it fun and motivating. And, when you're enjoying yourself and feeling motivated, you stand a great chance of taking off any excess weight. Good luck. Let us know if you have any questions at all about cycling and how to ride to manage your weight.