Mukesh,
Thanks for asking your question to planDisney!
Yes, you can use the monorail to hop between the Magic Kingdom and EPCOT. You can also use the Disney Skyliner to hop between EPCOT and Disney's Hollywood Studios. What can be difficult is using both to move between the Magic Kingdom and Hollywood Studios, via EPCOT.
Why?
Well, after hopping off the monorail, you would have to enter EPCOT and walk through the park to get to the Skyliner station just outside the International Gateway entrance back by the World Showcase area of EPCOT. Before the era of theme park reservations, if you had a park hopper ticket this was done easily enough. But now you would have to have a park hopper and enter EPCOT, if space allowed after 2 pm. You would then have to park hop to Hollywood Studios, again if space was available. There is no guarantee that both parks would have that availability, and the overall travel time can be significant.
RECOMMENDATION
Definitely use the monorail to go between EPCOT and the Magic Kingdom, and the Skyliner to move between EPCOT and Hollywood Studios. But if you want to move between the Magic Kingdom and Hollywood Studios, I would take the bus. They start running those now, a bit before that magical 2 pm park hopping start time, and frankly it will be more convenient anyway.
Please feel free to write me back directly if you have any follow-up questions.
Have a Magical Vacation!
Doug
