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Yes, but good luck finding somebody who owns one. The problem with owning one as a civilian is that you'd have to pay a $200 transfer tax to the BATFE for every grenade you purchased.

Most "M203"s seen in civilian hands are actually 37mm flare launchers, designed to look just like an M203. You can own them without any special licencing requirements or transfer taxes.

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Q: Are M203 grenade launchers legal in the US?
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Why does different Assault rifles have different Grenade Launchers and what are they?

Sometimes a country will make an improved version of something which already exists. Sometimes, a country may be embargoed by a country which previously supplied them. And there's different types of rounds used by opposing military forces. The US and NATO use the 40x46mm rimmed cased grenade in launchers such as the M79 and M203. They also use the 40x51mm in automatic grenade launchers such as the Mk. 19. And South Africa has come out with a 40x53mm grenade. The M203's breech only opens far enough for the 40x46, so a new design which could accommodate the 40x51 and 50x53 grenades was bound to happen. Not to mention that the M203 didn't have the best firer ergonomics.. hence, the Germans developed their own grenade launcher, which came to be adopted by the British as the Underslung Grenade Launcher, and a variant of which is entering US service as the M320 grenade launcher. The former Warsaw Pact countries used a 40x47mm caseless grenade, which was not compatible with the NATO 40x46mm cased grenade. Thus, it required its own grenade launcher. Most former Warsaw Pact militaries and Soviet/Russian client states use the GP-25 or the newer variant, the GP-30. Romania had a simpler, indigenous design, and have now created one for 40x46 grenades.


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M203 is the US military designation for an under-barrel 40mm grenade launcher


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