It comes from the Greek word episkopos, which translated literally is “overseer.” (It is the root of the word episcopal.) Most older Bibles translate the word as “bishop” but newer translations use “overseer.”
In the course of time, the English word bishop came to mean a clergyman who is head over several local pastors.
The meaning in the New Testament is more like a local pastor, one who “oversees” the local Christian community, so overseer is probably more accurate.
Paul, in 1 Timothy and Titus, lists the necessary moral qualifications for overseers.