Taken from an article  in 
Muslim Matters
Eye Opening Words in the Quran Describing the Life of this World
by 
Sadaf Farooqi 
Surah Al-Hadid (its title meaning, ‘the iron’) talks about  the reality of the transient life of this world. Several descriptive  words are used to reveal to us its true nature. After that, Allah warns  us to remember that the life of this world is nothing but a ”deceptive  enjoyment”.
اعْلَمُواأَنَّمَا  الْحَيَوةُ الدُّنْيَا لَعِبٌ وَلَهْوٌ وَزِينَةٌ وَتَفَاخُرٌ بَيْنَكُمْ  وَتَكَاثُرٌ فِى الاٌّمْوَلِ وَالاٌّوْلْـدِ كَمَثَلِ غَيْثٍ أَعْجَبَ  الْكُفَّارَ نَبَاتُهُ ثُمَّ يَهِيجُ فَتَرَاهُ مُصْفَرًّا ثُمَّ يَكُونُ  حُطَامًا وَفِى الاٌّخِرَةِ عَذَابٌ شَدِيدٌ وَمَغْفِرَةٌ مِّنَ اللَّهِ  وَرِضْوَنٌ وَمَا الْحَيَوةُ الدُّنْيَآ إِلاَّ مَتَـعُ الْغُرُورِ
“
Know that the life of this world is only play and amusement,  pomp and mutual boasting among you, and rivalry in respect of wealth and  children, as the likeness of vegetation after rain, thereof the growth  is pleasing to the tiller; afterwards it dries up and you see it turning  yellow; then it becomes straw. But in the Hereafter (there is) a severe  torment (for the disbelievers, evil-doers), and (there is) Forgiveness  from Allah and (His) Good Pleasure (for the believers, good-doers),  whereas the life of this world is only a deceiving enjoyment“.  [57:20]
In order to see the real picture being painted by our Creator as He  details to us the reality of the life of this world, it would  be beneficial to ponder on the root meanings of the several Arabic words  He has used in the above verse. All the meanings have been taken from  Edward William Lane’s 
online Arabic-to-English Lexicon:
لَعِبٌ
(i) Play, sport, game, fun, joke, prank, or jest.
لَهْوٌ
(ii) Diversion, pastime, sport, or play; especially that which is  frivolous or vain; that which occupies a person so as to divert him or  her from that which should render him sad or  solicitous/anxious/concerned.
زِينَةٌ
(iii) Decoration, finery, show, pomp, or gaeity.
تَفَاخُرٌ
(iv) Glorifying or boasting (viz. to each other), praising or  commending own selves for certain properties or qualities, such as  enumerating or recounting the particulars of their own ancestral  nobility or eminence; or their honorable deeds. Contending for  superiority by reason of honors arising from memorable deeds or  qualities, or from parentage or relationship, and other things relating  to themselves or their ancestors; also: boasting of qualities extrinsic  to themselves such as wealth, rank or station.
تَكَاثُرٌ  فِى الاٌّمْوَلِ وَالاٌّوْلْـد
(v) Contending, one with another, for superiority in number of  (different types of) wealth and children.
مَتَـاعُ  الْغُرُور
(vi) The word مَتَـاعُ means anything useful or advantageous viz.  utensils, furniture, or food, and the word الْغُرُور means that by which  one is deceived; something false and vain. In other words, the life of  this world is a provision that is deceptive. It can be used to achieve  the best end i.e. Allah’s pleasure and an abode in Paradise in the  Hereafter, but is very deceptive in and of itself.
Allah has used a total of five terms and phrases to describe to us  the reality of the life of this world in the Quran. Analysis of their  meanings clearly reveals that indeed, the life of this world is such  that it makes a believer lose focus of the Hereafter.
Consider this – games are fun to play. They cause us to get really  involved in them, whether as participants, or as onlookers. The aspect  of winning versus losing, or earning more points by achieving a target,  enthuses the more keen ones among us to a state of physical and mental  euphoria.

When anyone is involved in a game as a participant, whether he is  playing outside, or playing a computer game indoors, he is distracted  perhaps from more pending matters that require his attention. For some  sports enthusiasts, tearing themselves away from a game to answer a call  of nature, eat a meal, or pray an obligatory prayer also becomes  difficult.
Now, with this picture in mind, we can see why Allah has called the  life of this world “a game.” We get so involved in the “game” itself, in  its short-term goals and enjoyments, that we tend to lose focus on the  importance of the Hereafter. As an example, someone might postpone  performing 
Hajj if important events related to his career are  scheduled to take place at the same time in the calendar.
Allah has next called the life of this world “لَهْوٌ” - a  “diversion.” It has the potency to make a person lose focus of the goals  of the Hereafter. Imagine a person driving  a car; if he or she spots  something interesting on the side of the road that will “divert” him or  her from driving, he or she will definitely lose focus of the road,  resulting in a possible collision.
Another interesting point about the word ”لَهْوٌ” is how it has been  used in 
Surah Al-Jum’uah to refer to a caravan that was beating  its drums. When the Muslim congregation gathered in the mosque for  Friday prayers heard these drums, they rushed towards the caravan:
وَإِذَا  رَأَوْاْ تِجَـرَةً أَوْ لَهْواً انفَضُّواْ إِلَيْهَا وَتَرَكُوكَ  قَآئِماً
“Yet [it does happen that] when people become aware of [
an  occasion for] 
worldly gain or a passing delight, they rush  headlong towards it, and leave you (O Muhammad) standing [
and  preaching]“. [62:11]
According to a narration that  Imam Ahmad recorded, Jabir [رضى الله عنه] narrated, “
Once, a  caravan arrived at Al-Madinah while Allah’s Messenger [صلى الله  عليه و سلم] 
was giving a khutbah. So the people left, and only  twelve men remained. Then Allah revealed the above verse”. [
Tafsir Ibn Kathir]
It is clear that in this incident, the word “لَهْوٌ” was used to  indicate the beating of the caravan’s drums. However, its effect was  such that worshippers immediately got diverted or distracted from their  goal of listening to the Prophet’s [صلى الله عليه و سلم] sermon whilst  attending Friday prayers. With this perfect simile in mind, we can see  why Allah has used this word to refer to the life of this world. It can  easily distract us, with its short-term goals, from the more important  objective of success in the Hereafter.
The word زِينَةٌ means beauty and decoration; anything that is  naturally pleasing to look at, or beautified to attract our attention.  This could include everything that falls under the umbrella of natural  beauty e.g. scenic landscapes, lush vegetation, flowers, and waterfalls,  to those things that are made beautiful; which the human heart enjoys.

Bring to mind festivals, celebrations, jewelry, interior decor,  architecture, branded/stylish couture, glamour, fashion, luxuries,  accessories and diverse cuisines. Human beings love to create,  experiment and play around with every conceivable kind of raw material  provided by Allah, to transform it into something beautiful for their  adornment  or consumption- animal hides are transformed into plush  seating; edible textures and tastes are whipped up into sweet and  savoury delicacies, and threads are transformed and weaved to produce a  myriad of clothes and dresses! Yes, the life of this world  definitely revolves a lot around  زِينَةٌ !
The words تَفَاخُرٌ بَيْنَكُم  imply boasting to others, and being  boasted to, as the above explanation has stated, about intangible assets  of prestige and value, such as honorable lineage, awards and  achievements, or righteous deeds. Anything that can cause a person to  become proud in and of themselves, can be boasted about. It is important  to note here, that a person’s intention makes the difference – perhaps a  graduation party thrown to genuinely celebrate one’s happiness at an  adult offpsring’s educational milestone with loved ones, could instead  become a means of تَفَاخُرٌ بَيْنَكُم , if done with the intention of  boasting of this achievement to relatives in order to up oneself in  their eyes.
Similarly, several people display their honors, awards and plaques in  their drawing rooms or offices, where they receive guests. This, too,  if done to establish one’s credibility in one’s profession, for example,  as a practicing doctor whose patients want reassurance that they are  coming to a reliable person, would not be blameworthy. However, if it is  done to make oneself appear better than others, than it would be  تَفَاخُرٌ بَيْنَكُم. This mutual boasting starts from childhood (“I have  more dolls than you!”) and goes on, increasing in type and  intensity, well into adulthood and old age (“All my children are  qualified doctors who graduated
 summa cum laude from top-notch  universities.”).
Similarly, تَكَاثُرٌ فِى الاٌّمْوَلِ وَالاٌّوْلْـد , quite simply  put, means the “rat race” we are all inadvertently so familiar with, and  to an extent, also involved in. This usually starts when a person  enters their twenties and beyond, which is a time in their lives when  they get married, start having children, and also start earning money  through their careers.

Beyond one’s twenties, there is a  distinct “keeping up with the Joneses” aspect in one’s life, that subtly  creeps in. Whenever one hears of a neighbor, sibling, relative or  friend moving into a bigger, luxurious house, acquiring foreign  citizenship (this applies mostly to us Eastern dwellers of developing  countries), having another child, getting promoted, or adding an SUV to  their drive, we immediately start imagining how wonderful it would be if  the same happened to us.
It is interesting how Allah has combined two of the words He has used  in this verse of 
Surah Al-Hadid to describe the life of this  world, in another verse in the Quran: the first verse of 
Surah  Al-Takaathur:
أَلْهَاكُمُ  التَّكَاثُرُ
“The mutual rivalry for piling up (the good things of this world)  diverts you (from the more serious things)“. [102:1]
Since تَّكَاثُرُ means contending to increase in numbers of tangible  blessings, it is clear from this verse too, that human beings are  naturally “diverted” in this life by this, from their primary goal –  which should be success in the Hereafter.
Allah goes on after this, in the above verse, to elaborate the simile  of this world’s life: of it being like the vegetation or herbage that  grows on earth, and pleases its tiller/farmer when it reaches its  lustrous, colorful peak viz. the plants or crops become strong and fully  grown, bearing fruit or grain. However, after a short period of this  lustre, color and vibrance, the plants eventually wither, become dry,  lifeless straw, and die. The same earth that was alive with crops  a while ago becomes empty and plain again; the color, leaves, fruit,  grains or flowers are nowhere to be seen, as if they never existed!
That is, in reality, the same thing that happens to everyone and  everything during the life of this world. The young, beautiful face  becomes wrinkled and haggard; the lustrous hair becomes limp and grey;  the strong bones become brittle, and strong muscles give way  to weakness; the eyes lose their sight; the erect spine becomes bent.  Moreover, every inanimate thing also goes into decline:  the architecturally sound mansion becomes depleted and worn over the  years, erosion causing its dilapidation and ruin; the clothes lose their  newness, shine and glory, withering away; ’new’ technology loses its  value and becomes obsolete and unwanted; the flashy vehicle goes out of  vogue and  ends up in a junk yard as rubble. The list is endless.
Now that our eyes have been opened to the truth about the life of  this world; about how its adornments and distractions are alluring but  deceptive in nature, because they divert our attention from the  Hereafter and make us think that all this ‘glitter’ will last forever;  when in fact, everything on this earth will turn to dust as Allah has  promised, we should remember the importance of consistently reciting and  reading the Quran as a daily routine, so that we are reminded of this  important fact about this transitory life. That way, the reminders such  as this verse, that tells us in the end about the two options we have  before us – either painful torment, or the forgiveness of Allah and His  pleasure - will help keep us focused on those deeds that will enable us  to enjoy the truly enjoyable, beautiful, desirable, and eternal life, 
insha’Allah  — the one in the Hereafter.