Names in Jewish tradition hold great significance. In the Tanakh, the names of individuals say much about their character. One or more Hebrew names can be given, depending on whom the parents wish to remember and/or honour. This could mean that, say, one name is used in their daily life and the second one in all matters of ritual life and practice, such as when they are called up to the Torah and at their Chuppah.
Names can reflect the character or nature of the baby or the hopes and dreams that the parents hold for their child, or in honour of a relative. Traditionally, Sephardi Jews will name a child after a living relative and Ashkenazi Jews choose not to do so. There are books which deal with the meaning of Jewish names and you may wish to consult those and/or the Rabbi.