Yes, but repeat the instructions within the asterisks over and over to the end of the round. It's a way of distributing a number of decreases across the round. If your pattern has stitch numbers you'll see those decreases.
I assume there is also an asterisk somewhere to tell you where to repeat from: For example:
Round 1: *Work14, work 2tog, repeat * to * rib to end
What pattern are you making? Can you give us a name or a link?