Yes, there is some kind of issue and this light is meant as a warning. It may be something not so serious but should be addressed. Even when its not serious it is not advisable to continue to drive without worry, something small can eventually harm something else more costly. Something as simple as an O2 sensor can damage your catalytic convertors which are much more costly. I recommend having your trouble codes read out, sometimes at no cost to you at your local auto parts store.

Dont go nuts just scan it at a parts place for any codes-theres a chart that explains them--may need new 02 sensors