If you are a user of Python 3 then yes it has the string interpolation similar to Ruby's string interpolation. Talking about the version of Python which is released by the end of 2016 there, you will be able to include expressions in "f-strings".
An example that shows how to use f-string:-
name = "abobebmjb abobebmjb"
print(f"Who lives in mango under the river? {name}.")
If you are a user of Python 2.Xthen you can use the .format() function below is the code for the same:
"my {0} string: {1}".format("cool", "Hey there!")
To know more about this you can have a look at the following video tutorial:-