Yes. you can use SimpleDateFormat like this.
SimpleDateFormat formatter, FORMATTER;
formatter = new SimpleDateFormat("yyyy-MM-dd'T'HH:mm:ss.SSS'Z'");
String oldDate = "2011-03-10T11:54:30.207Z";
Date date = formatter.parse(oldDate.substring(0, 24));
FORMATTER = new SimpleDateFormat("dd-MMM-yyyy HH:mm:ss.SSS");
System.out.println("OldDate-->"+oldDate);
System.out.println("NewDate-->"+FORMATTER.format(date));
Output OldDate-->2011-03-10T11:54:30.207Z NewDate-->10-Mar-2011 11:54:30.207