Yes. Parabens are a family of related chemicals that are commonly used as preservatives in cosmetic products. According to the U.S. Food and Drug Administration, preservatives such as parabens help prevent the growth of harmful bacteria and mold, protecting both the product and the consumer.
The parabens used most often in cosmetics are methylparaben, propylparaben, butylparaben, and ethylparaben. Labels often list more than one paraben, and manufacturers frequently combine them with other preservatives to cover a broader range of microorganisms. Parabens also appear in some foods and drugs, not only cosmetics.
Source: U.S. FDA — Parabens in Cosmetics