The name Jared occurs twice in the Bible. The lesser known Jared (in some translations known as Jered) is a son of Jehudijah (1 Chronicles 4:18 - although the existence of this name is disputed, see the article on Jehudijah). The better known Jared is generation number six in the line from Seth, the third son of Adam and Eve (Genesis 5:15). He is the son of Mahalalel and father of Enoch, who famously "walked with God" (Genesis 5:22). This Jared is the great-great-grandfather of Noah.
The name Jared comes from the verb (yarad) a very common verb meaning to go down, descend, decline. It's used in all expected ways, from a going down a mountain (Exodus 19:4) to the falling of hail (Exodus 9:18). But it also means a going away from a place of prominence, such as a palace (2 Samuel 11:9). Since one "goes up" to Jerusalem, going away from Jerusalem is described as a "going down" (Judges 1:9). One who is humbled is made to "go down" (Isaiah 47:1). One who is defeated "goes down" (Hosea 7:12). Being sad is being down (Isaiah 15:3 - an expression surviving in English). And at death one descends into Sheol (Numbers 16:30).
The derivative (morad), means descent (Joshua 10:11) or hanging work (1 Kings 7:29).
NOBS Study Bible Name List and Jones' Dictionary of Old Testament Proper Names agree: the name Jared means Descent.