Yes, you can run:
tar -xvf myfile.tar
For .tar.gz, you can run:
tar -xzvf myfile.tar.gz
If you want to extract to any directory other than your cwd, use -C. e.g:
tar -xvf myfile.tar -C somedirectory
I suggest you read the man page for tar if you wish to do anything further:
man tar
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