Yes and no. King Tut, for one, had a clubbed foot. He was buried with all the canes he used in life and never saw combat. So the awesome action scenes with him are purely entertainment. Also, the girl he falls in love with, didn't exist. He only had 2 stillborns with his sister and they were also buried with him. Ay is real. General Horehem is real. Ay did take power when Tut died. Tut's sister actually fled Egypt and changed her name.

Here's also an article related to its depiction. http://www.bustle.com/articles/97959-how-accurate-is-tut-spikes-miniseries-works-with-what-history-has-to-offer