Yes, there is a fairly easy way to do this.
Look into Boolean operation (Tools / Bolean operation...) and use its subtrcation operator.
1. Create a cylinder
2. Create another cylinder running through it
3. Open Boolean operator tool
4. Select cylinder created in step 1 and set it to operand A
5. Select cylinder created in step 2 and set it to operand B
6. Choose Subtraction
7. Press OK.
A new object is cretaed and selected. It is a copy of the cylinder from step 1 but with a hole running through it.
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