Yes just like over watering of plants it's possible to over water your grass.
When you over water the grass it can die out and you may notice dead patches of lawn or notice the lawn not looking healthy.
In some cases if you really over water the grass it can eventually die out and then you'd have to plant new grass seed to get your lawn green again.
Grass really only needs a deep watering every 2 to 3 days per week or 2 to 3 times per week to keep it healthy.
Every few days or 2 to 3 times per week turn on the sprinkler or sprinklers and give the lawn a deep watering for around 1 hour to 2 hour at a time.
The excess water should drain off and when you notice the lawn getting soaked then the lawn has had enough water.