The noun discontent means "longing for an improved situation," like thinking you haven't achieved everything you should have by now, discontent that probably makes you miserable.
The parts that make up discontent are dis, meaning "not" and content, "a state of peaceful happiness." So as an adjective, discontent means "not happy or peaceful" like the people of Egypt who expressed their discontent with their country's leader by protesting and demanding he give up power. As a verb, discontent means "to make dissatisfied," like bad news that discontents you.
