Yes, you can travel to the Isle of Wight from the UK mainland by ferry or hovercraft. The journey time changes from 10 minutes to 45 minutes depending on the mode of travel.
There are two ferry providers Wightlink and Red Funnel and one hovercraft provider Hover Travel. Ferry travel is available for car and foot passengers with transits between Lymington and Yarmouth, Southampton and Cowes, Portsmouth and Fishbourne with fast foot passenger services between Southampton and Cowes, and Portsmouth Habour and Ryde Pier.
You can also travel to the Isle of Wight by air if you own or rent a small aircraft. There are airfields for general aviation at Isle of Wight Airport in Sandown and Bembridge Airport.