The simple answer is "Yes', with the rider that you really need to play on PC.
Bearing in mind that Morrowind is now ten years old, you need a slew of mods to bring Morrowind up to scratch graphically and gameplay wise. Hence the need for PC. It would seem terribly dated now on a console.
The easiest way to massively improve the look of Morrowind is with the Morrowind 2011 Graphical Project
Bear in mind, however, that there are a few thing hard-coded into Morrowind that are almost impossible to improve - such as the stiff combat and character animations. Also there's very little voice acting.