Yeah, look at Linked Hierarchy fields
From the manual:
Linked Hierarchy:
This allows you to link two pick lists, so the values shown in one depend on the value picked in another. Use a colon character in the name to define which field it depends on. For example, if you had a grouping field called “Team” containing values TeamA, TeamB etc. then you could create a linked hierarchy field called “Player:Team”, with pick list values such as TeamA/Player1, TeamA/Player2, TeamB/Player3.