Mehrzad or Meherzad (Persian: مهرزاد | Avestan: Miθra) is an Avestan name which has a meaning related to the Yazata Mithra.
[1] Mehr (مهر) means "sun" and zād (زاد) means "born of".
So the literal meaning of Mehrzād (مهرزاد) is born of sun.