Yes, the gravity on the surface of a planet with mass M and radius R is given by
g = GM/R², where G is gravitational constant.
Thus the gravity g of a planet can vary depending on the combination of M and R. For a given mass M, radius R can also vary for rocky planet and gaseous planet.
It is possible for a much bigger planet to have surface gravity similar to that of Earth. The gravity of a planet depends upon it's mass. Earth is mostly made of solids. However, a gas giant would be made of much lighter elements and could thus have similar/lesser gravity than that on Earth. Thus, the surface gravity of a planet depends on its composition.
For instance, Neptune is almost 4 times bigger than Earth, but has a gravity 110% of that on Earth. On the other hand, Uranus is slightly bigger than Neptune but has a surface gravity ~88% of that on Earth.
Gravity is a property of matter; of mass. Size is a matter of density, mass per unit volume. Mix those things as you wish to get the planet of a size you want with the gravity you want.
Paraphrasing Johannes Kepler, from Isaac Newton formula in Ankit Kumar post one can say "the square of the gravity is proportional to the square of the planet mass and inversely proportional to the planet radius,"
or, eliminating the radius and using the mean planet density
rho = M/(4/3*pi*R^3),
"the cube of the gravity is proportional to the planet mass and inversely proportional to the square of the planet mean density,"
Yes, it can be possible, and I can give you a solid example that exists in real life and that too, in our solar system. Uranus is about 4 times wider than the Earth, and is 14x the mass. Yet, Uranus has the same gravity as Venus, a meagre 8.87 m/s2. Uranus has about 10% lower gravity than Earth's.Uranus is approximately 4 times the size of Earth and 14.536 times as massive. It is a gas giant, so its density (1.27 g/cm3) is a lot lower than Earth's. This means its surface gravity of 8.69 m/s2, or 0.886 g, which is a bit weaker than on Earth.The gravity of a planet, or other body, is proportional to its mass. The density of the Earth is about 5.51 g/ cm3. A planet with double the volume of the Earth would have to have half the density to have the same mass and hence the same gravity. If Earth's diameter were doubled to about 16,000 miles, the planet's mass would increase eight times, and the force of gravity on the planet would be twice as strong. Life would be: Built and proportioned differently. So if you want a planet with exactly Earth's gravity, your smallest size is about 80% of Earth, or about 10000 km. If you want a similar surface gravity that's a bit less, say 75% Earth's gravity, you can go as small as 60% of Earth's radius, or about 7500 km wide. Therefore, if a planet has same radius as that of earth but double the mass of earth, it will have twice the gravity. But if this planet is also bigger than earth (that is it has a larger radius), it won't be double as larger radius will make its gravity lower. Anything with mass also has gravity. The more mass something has (Earth has a mass of 6.6 sextillion tons), the higher the force of gravity that it exerts on the objects around it. The force of gravity also increases or decreases with distance. The closer the objects are, the stronger the force of gravity will be. The bigger the mass, the stronger the gravity. This is direct and unavoidable. The bigger the size for a given mass, the smaller the gravity, since you are farther from the center of mass. Therefore, the surface gravity of a planet or star with a given mass will be approximately inversely proportional to the square of its radius, and the surface gravity of a planet or star with a given average density will be approximately proportional to its radius.The acceleration of gravity at any given location near or above a planet's surface is often referred to as the gravitational field constant of that planet. Such acceleration values are directly proportional to the planet's mass and inversely proportional to the square of the distance from the planet's center. The trick is lower density. In an extreme case, Uranus is 14.5 times Earth's mass but has 88.6% of Earth's surface gravity. Saturn and Neptune are both much bigger than Earth (95x Earth's mass and 17x Earth's mass) but have only slightly higher gravity (1.065G and 1.14G). The gravity of a planet, or other body, is proportional to its mass. The density of the Earth is about 5.51 g/ cm3. A planet with double the volume of the Earth would have to have half the density to have the same mass and hence the same gravity. Anything that has mass also has gravity. Objects with more mass have more gravity. Gravity also gets weaker with distance. So, the closer objects are to each other, the stronger their gravitational pull is.
It is interesting that many planets in the solar system gave similar surface gravity, as Rk Naresh notes. Uranus, Neptune and Saturn are gas giants vastly larger than earth, with more mass, and around the same surface gravity with each other and earth. None of the planets has more than double or less than half the average surface gravity of all, despite varying greatly in size and mass. The basic physics aren't mysterious, but the similarity suggests there may be a something governing solar evolution that involves surface gravity.