What is the meaning of [Many a true word is spoken in jest]

A literal meaning; that the truth is often found in comic utterances.

The first author to express this thought in English was probably Geoffrey Chaucer. He included it in The Cook’s Tale, 1390:

But yet I pray thee be not wroth for game; [don’t be angry with my jesting]
A man may say full sooth [the truth] in game and play.