Yes, DISCOVERY is a Scrabble word!

Letter values in Scrabble US: D 2, I 1, S 1, C 3, O 1, V 4, E 1, R 1, Y 4.

Is it a valid word?

DISCOVERY is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the act of discovering something
something that is discovered
a productive insight
(law) compulsory pretrial disclosure of documents relevant to a case; enables one side in a litigation to elicit information from the other side concerning the facts in the case