Yes, sulfuric acid and magnesium react to form magnesium sulfate, hydrogen gas, and sulfur dioxide. The chemical equation for this reaction is:

$$H_2SO_4 + Mg → MgSO_4 + H_2 + SO_2$$

In this reaction, sulfuric acid acts as an oxidizing agent, while magnesium acts as a reducing agent. The reaction is highly exothermic, meaning that it releases a large amount of heat.