Here's a breakdown:
* моя (moya) means "my"
* любовь (lyubov') means "love"
Here are some other ways to say "my love" in Russian, depending on the context:
* Моя дорогая (moya dorogaya) - My dear (for a woman)
* Мой дорогой (moy dorogoy) - My dear (for a man)
* Любимый (lyubimy) - Beloved (for a man)
* Любимая (lyubimaya) - Beloved (for a woman)
You can also use a person's name followed by "моя любовь" (moya lyubov') for a more personal touch, like "Иван, моя любовь" (Ivan, my love).