Yes, it is. Stephen King got the idea from real - life observations. The idea of children being influenced in a small, rural community, and the omnipresent cornfields in the Midwest provided the perfect backdrop for a horror story. The story plays on the fear of the unknown and the power that can be held by the young when they are influenced by something malevolent.
Definitely not based on a true story. It's a work of fiction that uses elements of horror and suspense to engage the viewers. The story was crafted to evoke fear and excitement rather than being rooted in reality.