Yes, it is. The movie was inspired by a Stephen King novella called 'Rita Hayworth and Shawshank Redemption'. While it's a fictional story, it draws on real - life prison experiences and the human spirit's ability to endure and hope in difficult situations.
The Shawshank Redemption is indeed based on a true - life story to some extent. It's not a direct account of one person's life but rather a compilation of elements that could occur in prison life. For example, the themes of friendship, injustice, and the struggle for redemption are things that many prisoners might face. Stephen King, who wrote the original story, was likely influenced by real - life prison tales he had heard or read about, and the movie adaptation brought these ideas to a wide audience.