“Element” is a macroscopic concept; it is “a pure chemical substance composed of atoms with the same number of protons in the atomic nucleus.” (IUPAC Gold Book)
“Molecule” is a microscopic concept; it is “an electrically neutral entity consisting of more than one atom.” (IUPAC Gold Book: molecule; see also molecular entity) Note that the type of atoms making up the molecule don’t enter into the definition; if a molecule is made of atoms that all have the same atomic number, that molecule is a molecule of an element.
As Ray Menon's answer notes, an element can take on a number of forms, and the molecule is just one of those forms. Many/most elements, notably metallic elements, do not exist as molecules under any conditions at all. Other elements have molecular forms as their standard states: hydrogen, oxygen, nitrogen, and the halogens are all composed of diatomic molecules.
So yes, an element can be molecular. Several of them are, or at least have one or more molecular forms. Phosphorus, for example, is most stable as a covalent network solid; but it does have a molecular form, white phosphorus.