Yes, kind of. It's an archaic phrase. No one uses it anymore. I only hear it in hymns in church. "In the sweet by and by, we shall meet on that beautifull shore".

Thank you for your answer Sheree!!

Pretty much. The definition I found is "eventually" or "before long". Like Ben said, it's a very old fashioned phrase, and not really used any more. You're more likely to hear it in old songs or poems. That's not to say it shouldn't be revived, though!