Meaning of the wordThe May 15, 1843 issue of the official Mormon periodical Times and Seasons contains an article, purportedly written by Joseph Smith, Jr., deriving the etymology of the name "Mormon" from English "more" + Egyptian mon, "good", and extolling the meaning as follows:
It has been stated that this word [mormon] was derived from the Greek word mormo. This is not the case. There was no Greek or Latin upon the plates from which I, through the grace of God, translated the Book of Mormon. Let the language of that book speak for itself. On the 523d page, of the fourth edition, it reads: And now behold we have written this record according to our knowledge in the characters which are called among us the Reformed Egyptian ... none other people knoweth our language; therefore [God] hath prepared means for the interpretation thereof." ... [The] Bible in its widest sense, means good; for the Savior says according to the gospel of John, "I am the good shepherd;" and it will not be beyond the common use of terms, to say that good is among the most important in use, and though known by various names in different languages, still its meaning is the same, and is ever in opposition to bad. We say from the Saxon, good; the Dane, god; the Goth, goda; the German, gut; the Dutch, goed; the Latin, bonus; the Greek, kalos; the Hebrew, tob; and the Egyptian, mon. Hence, with the addition of more, or the contraction, mor, we have the word MOR-MON; which means, literally, more good.Whether Smith was the actual author of this passage is uncertain. Official LDS Church historian B. H. Roberts removed the quote from his History of the Church compilation, saying he found evidence that W. W. Phelps wrote that paragraph and that it was "based on inaccurate premises and was offensively pedantic." LDS Church apostle Gordon B. Hinckley noted that the "more good" translation is incorrect but added that "Mormon means 'more good'" is a positive motto for members of the LDS Church.
Meaning in the Book of MormonAccording to the Book of Mormon, a man named Mormon compiled nearly 1000 years of writings as well as chronicled events during his lifetime. Most of the text of the Book of Mormon consists of this compilation and his own writings, which may account for its title. However, the name "Mormon" is also used in the Book of Mormon as a place name (e.g. Waters of Mormon), which Ancient America Foundation scholar David Lamb uses to offer an alternate explanation for the title:
[The prophet] Mormon was not named after his father; he was named after the land of Mormon. He had been taught about his heritage by his parents and understood the sacred significance associated with the name Mormon. No doubt his father also bore the name Mormon for the same reason. In 3 Nephi 5:12 he gives us a clear indication that the name Mormon is symbolically synonymous with the restoration of the covenant which took place in the land of Mormon by Alma and his people.
A study of the Introduction of the Book of Mormon tells us its main purpose is to restore a knowledge of the covenants to the house of Israel. This adds weight to the understanding that the name Mormon was always associated with the place of the restoration of the covenant to the Nephites. In fact, the name Mormon became synonymous with the concept of restoring the covenants.
In light of this understanding, the Book of Mormon is not named for a man. It is named for the place where the covenant was restored. Symbolically, the Book of Mormon bears the name "Book of the Restoration of the Covenant."
this information was taken from Wikipeida. Click on the numbers for the references.