http://www.solarviews.com/raw/mars/olympus.jpg
Olympic Mons volcano.

No it does not (barely). Current volcanoes in Mars are dormant extinct volcanoes. Olympic Mons is the most famous volcano on the red planet, not only that, but it is also the tallest volcano on Mars and one the tallest mountain on the whole solar system! It reaches over 27 kilometers ( 88,580 ft) high, 340 miles in diameter, a giant among giants, it has three times the elevation of Mount Everest above sea level and 2.6 times the height of Mauna Loa, the biggest volcano on Earth and the highest mountain on our planet, 6 mile high starting from the sea floor.

In 2004 the Mars Express Orbiter probe imaged old lava flows on the flanks of Olympus Mons. Based on crater size and frequency counts, the surface of this western scarp has been dated from 115 million years in age down to a region that is only 2 million years old, very recent in geological terms, suggesting that the mountain may yet have some ongoing volcanic activity.

The extinct Olympic Mons volcano is located on the Tharsis Plateau near Mars equator. It was discovered by the Mariner 9 probe in 1972 along with other three major extinct volcanoes, Ascraeus Mons, Pavonis Mons and Arsia Mons. Olympic Mons is bordered by an escarpment. The caldera in the center measures 80 km (50 miles) wide and contains multiple circular, overlapping collapsed craters created by previous volcanic events. This type of volcano is classified as a Shield volcano.

The second largest volcanic region on Mars, Elysium Planitia, is located on a broad dome that is 1,700 by 2,400 kilometers in diameter also groups three volcanoes, Elysium Mons, Hecates Tholus and Albor Tholus. The first one also a huge mountain with 420 by 500 by 700 kilometers in diameter and 13 kilometers high!

According to "www.solarviews.com":

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The volcanoes in the Tharsis region are 10 to 100 times larger than those on Earth. They were built from large magma chambers deep within the Martian crust. The Martian flows are also much longer. This is probably due to larger eruption rates and to lower gravity. One of the reasons volcanoes of such magnitude were able to form on Mars is because the hot volcanic regions in the mantle remained fixed relative to the surface for hundreds of millions of years. On Earth, the tectonic flow of the crust across the hot volcanic regions prevents large volcanoes from forming.
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http://www.pianeta-marte.it/marte_in_cifre/olimpys.jpg
Side view comparative between Olympic Mons and the tallest mountains on Earth.

http://www.solarviews.com/browse/mars/tharsism.gif
Tharsis region aerial view taken by Viking Orbiter probe.

http://www.solarviews.com/raw/mars/elysium.gif
Elysium Planitia aerial view taken by Viking Orbiter probe.

http://www.youtube.com/watch?v=1BPNVtCgAbk&feature=player_embedded
Animated sequence on Olympic Mons.
Source(s):
http://hypertextbook.com/facts/2001/MarinaTsukerman.shtml

http://images.google.com.co/imgres?imgurl=http://www.dailygalaxy.com/.a/6a0...

http://www.solarviews.com/eng/marsvolc.htm#movie

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