Colby C. answered 10/19/19
Effective History, Religion and Philosophy Tutor
The name "Jacob" meant "supplanter, as when he was born he was holding his twin brother Esau's heel. He also received Esau's birthright (sold by Esau for a bowl of lentil stew) and tricked their father Isaac into blessing him with what by the right of the firstborn, should have belonged to Esau.
Years later, as depicted in Genesis 32:22-30 where Jacob wrestled with a man until daybreak, when the man demanded to be let go, Jacob countered that the man must first bless him.
So he asked of Jacob, his name. When Jacob responded the man said to him that he was to be called Jacob no longer, but Israel, which depending on the interpretation (version) of the scripture can mean "Prince with God", "God is upright (righteous)", "Struggles (contends, or wrestles) with God" - probably the closest to the correct interpretation.
Also, the name Israel can be rather complicated as in one way, it depicts a biblical event, and leads to the eventual creation of the Twelve Tribes of Israel, yet also has great theological significance.