Yes... that is the main reason for which I bought it, to upgrade my PS4 from the standard 500GB to this 1TB HD. It was extremely easy to install. Just follow any video on how to change the HD of a PS4 and you will be fine. I have to say, games are loading faster than with the standard 500GB HD. Just make sure to download the PS4's operating system directly from the Sony site into an USB drive, before you start anything, and make a backup if your data if you needed, if not, all your games will start on '0'.
If you can spend approximately $20-$30 more, go for the 2TB from the same brand it also work on the PS4. That is the one I was looking for but they didn't have it on stock.
Hope this helps..... Keep gaming......