Yes, Python has a ternary conditional operator which is denoted by the syntax expression_if_true if condition else expression_if_false. This operator is a shorthand way of writing an if-else statement and is commonly used when assigning a value to a variable based on a condition. It is a concise way of writing code and can make it easier to read and understand, but it should be used with caution as overuse can make the code less readable.