Is it possible? Yes. A simple example: $f=g$.
What does it imply? This is equivalent to saying that $f=\Theta(g)$. To see why:
If $f=O(g)$, there exists $c>0$ and $N \geq 0$ such that
$$
\forall n \geq N, \qquad f(n) \leq c\cdot g(n) \tag{1}
$$
If $g=O(f)$, there exists $c'>0$ and $N' \geq 0$ such that
$$
\forall n \geq N', \qquad g(n) \leq c'\cdot f(n) \tag{2}
$$
Combining (1) and (2), and choosing $M\stackrel{\rm def}{=}\max(N,N')$, $\alpha\stackrel{\rm def}{=}\frac{1}{c} > 0$, $\beta \stackrel{\rm def}{=} c'$, we get that there exist $M\geq 0$, constants $\alpha,\beta>0$ such that
$$
\forall n \geq M, \qquad \alpha f(n) \leq g(n) \leq \beta f(n) \tag{3}
$$
which by definition means $f=\Theta(g)$. This should answer both your questions.