Liposuction will directly remove fat from the submental (under the chin) area. Remember that all of the other effects on the skin are an indirect result of the fat removal. The success of the result will depend on a number of factors.
Do you have excess skin? If you already have hanging or fairly loose skin, liposuction may make the appearance worse.
Do you have poor skin elasticity? Even if you don't have excess skin, poor elasticity (meaning it won't retract after liposuction) may make the overall appearance worse. Poor skin elasticity may result from prior sun damage, smoking, radiation, significant weight changes, aging, genetic factors.
Are you a candidate for surgery? You have stated your weight but not your height, and other medical history. Assuming that you are overweight (as your question states), there are other factors that may impact on whether or not surgery is a good option for you.
Have a consultation with a board certified plastic surgeon. They can determine if this procedure is the right one for you.