Actually not, it means Submission
Islam has the same root as Salam (peace): that is S-L-M.
This is why Islamic apologist tend to confuse you by telling that actually Islam means peace [There was some kind of “peace” in Islam just during the first 13 years after the Hegira (Muhammad’s migration from Mecca to Medina). What has come after….well, we will see later on (3 of the first 4 Khalifa died violently). Actually in Islam, peace has a different meaning for Muslims: it means the supposed peace that is “installed” through the application of Shariah. So be aware during interfaith meetings…]
Islam derives from the root S-L-M but it comes out from the strain: al-silm/aslama, that actually means submission. (see “Understanding Islam and the Muslims ed The Islamic Affairs Department of the Embassy of Saudi Arabia, Washington DC). Adding mu-: (refers to a person) we get: Muslim (man of Islam), other examples: mujahid (one who performs jihad), mulah (men of Allah).