Yes it is the bridge over the river kwai.
The story is based on the building in 1943 of one of the railway bridges over the Mae Klong - renamed Khwae Yai in the 1960s - at a place called Tamarkan, five kilometres from the Thai town of Kanchanaburi. This was part of a project to link existing Thai and Burmese railway lines to create a route from Bangkok, Thailand to Rangoon, Burma (now Myanmar) to support the Japanese occupation of Burma. About a hundred thousand conscripted Asian labourers and 12,000 prisoners of war died on the whole project.
Although the suffering caused by the building of the Burma Railway and its bridges is true, the incidents in the film are mostly fictional. The real senior Allied officer at the bridge was Lieutenant Colonel Philip Toosey. Some consider the film to be an insulting parody of Toosey. On a BBC Timewatch programme, a former prisoner at the camp states that it is unlikely that a man like the fictional Nicholson could have risen to the rank of lieutenant colonel; and if he had, he would have been "quietly eliminated" by the other prisoners. Julie Summers, in her book The Colonel of Tamarkan, writes that Pierre Boulle, who had been a prisoner of war in Thailand, created the fictional Nicholson character as an amalgam of his memories of collaborating French officers.
Toosey was very different to Nicholson and was certainly not a semi-collaborator who felt obliged to work with the Japanese due to legal loopholes. Toosey in fact did much to delay the building of the bridge as much as possible. Whereas Nicholson disapproves of acts of sabotage and other deliberate attempts to delay progress, Toosey encouraged this: white ants were collected in large numbers to eat the wooden structures and the concrete was badly mixed.
The destruction of the bridge as depicted in the film is entirely fictional. In fact, two bridges were built: a temporary wooden bridge and a permanent steel and concrete bridge a few months later. Both bridges were used for two years until they were destroyed by Allied aerial bombing. The steel bridge was repaired and is still in use today.
This is the way it looks from the side.