"Glory to God in the highest, And on earth peace, good will toward men!"
This is one of the most well known passages from the Bible. This is what the heavenly army (yes, its often translated to 'heavenly host', but 'stratia' means army) proclaimed to the shepherds in Luke 2:14.

"Doxa en hupsistos Theo, Kai epi ge eirene, En anthropos eudokia!"
Doxa
This word is glory, and honor. It is the basis for the word 'doxology'. There are other shades in the Greek meaning though. Originally the word referred to an opinion, or estimation. Later it 'doxa' came to mean honor, fame, and praise.
en
A preposition that can be translated as:
  • in
  • at
  • with
  • amoung
hupsistos
The highest or heights - often meaning Heaven.
Theo
'God' (its a very straight forward word)
Kai
Simply, the conjuction 'And'.
epi
Another preposition - upon/on
ge
Earth (as opposed to heaven)
eirene
Peace, similar to the Hebrew equivalent - shalom. While this word means national tranquility and freedom from war, it also has a strong spiritual implication of peace between individuals, harmony and a spiritual well being.
En
(see above)
anthropos
Men, human being (of either gender), all human beings. The Greek word 'aner' means manly men as opposed to human - 'anthropos' has no such implications.
eudokia
The most interesting and complex of all the words in this passage - good will. The verb form 'eudokeo' is comes from two Greek words: 'eo' meaning well, and good; and 'dokeo' meaning to consider and think. There are two basic ways which this can be used:
  • To think or consider it good to do something
  • To take pleasure or delight in something or someone
The first usage is common in legal documents with the stress on the willingness of someone's intentions concerning the good. The second usage can be found in Matthew 3:17 referring to God's delight in His Son.

The noun form (which is used here) refers to an active good will and good pleasure. In some places this passage has been translated to 'peace on earth towards men of good will' or 'peace on earth, and goodwill to men with whom He is well pleased'. While the second translation is also valid, it should be noted that 'eudokia' does not have a condition upon it. This refers to all people, not just a select group. It is also reasonable to read this passage as: 'peace on earth, good will with/among humanity' - the wish of an active good will between all people.