No, they are two separate subway stations.
Penn Station is closer. Penn Station is less than half a mile south of Times Square, while Grand Central is a little over a mile east of Times Square.
The S shuttle train (color code grey) runs between Grand Central Station (at East 42nd Street) and the Times Square Station (at West 42nd Street).
Take the S shuttle train (color code grey) west across 42nd Street, from Grand Central Station (East 42nd) to the Times Square Station (West 42nd).Then walk through the tunnel that connects the 42nd Street-Times Square Station to the 42nd Street-Port Authority Bus Terminal Station.
Take the Downtown 1 train (of the 1-2-3, the red line) from 66th Street-Lincoln Center (at 66th Street and Broadway) to 42nd Street-Times Square (at 42nd Street and 7th Avenue).From the Times Square Station, you can get the S shuttletrain (color grey) to 42nd Street-Grand Central Station (at 42nd Street between Park and Lexington Avenues).From the Times Square Station, you can also get the 7train (the purple line) to 42nd Street-Bryant Park (at 42nd Street and 5th Avenue).
Take either the blue line (the A-C-E) or the red line (the 1-2-3) ONE STOP UPTOWN, from Penn Station (34th Street) to Times Square (42nd Street).At the Times Square Station, transfer to the S shuttle train (color code grey) east across 42nd Street, from Times Square (West 42nd) to Grand Central Station (East 42nd).
Take the S shuttle train (color code grey) east across 42nd Street, from Times Square (West 42nd) to Grand Central Station (East 42nd).At Grand Central Station, transfer to the Uptown 4 train, and take the 4 to 161st Street-Yankee Stadium.
Take the S shuttle train (color code grey) west across 42nd Street, from Grand Central (East 42nd) to Times Square (West 42nd). Then walk through the tunnel that connects the 42nd Street-Times Square Station to the 42nd Street-Port Authority Station.
You're kidding, right? The Empire State Building, The Chrysler Building, Central Park, Times Square, Grand Central Station ..........
Grand Central Station & Terminal are located at East 42nd Street between Park and Lexington Avenues. Grand Central Station is the subway station, where you can catch the 4-5-6 (the dark green line, aka the Lexington Avenue Line) or the S shuttle train to Times Square. Grand Central Terminal is the railroad terminal, for trains that are not part of the New York City subway system (like MetroNorth commuter trains).
take the Shuttle or 7 train from Grand Central to Times Square and transfer to the 1 train uptown to 59th Street/Columbus Circle
Take the S train from Grand Central to Times Square, and the the number 1 train from there to 103rd street. It's a relatively short walk from the 103rd street station. For your safety, you may be well advised to take a taxi once you exit the 103rd street station.
They are about a mile apart. Grand Central Station is on East 42nd Street and Lexington Avenue, and the heart of Times Square is West 42nd Street and 7th Avenue. They are 5 avenue blocks apart. Normally, 3 to 4 avenue blocks equals a mile, but at 42nd Street, the distance between one of the blocks (Park Avenue to Lexington Avenue) is abnormally short.