Not if you want the full capacity. If you format it for Windows, Mac can read the drive, but you won't be able to write new files to it from the Mac. If you format it for Mac, Windows won't be able to use it at all.
The only way to use it on both is to format it as FAT32, which has a maximum size of 32 GB. If you really knew what you were doing you could split the drive and format part of it NTFS for Windows and the other part HFS for Mac.