The phrase “pangs of dispriz’d love” refers to Hamlet’s hurtful love for Ophelia. It may also indicate the injustice of Hamlet’s father’s death.
Detailed answer:
Throughout the play, it was confusing whether Hamlet truly loved Ophelia as he acted cruelly towards her. However, later it becomes clear that Ophelia’s father Polonius was watching her conversation with Hamlet and was turning her against him. Hamlet was aware of this and decided to hide his feelings from Ophelia. After her death, Hamlet realized what he lost. Due to his manipulations and abuse, he missed a happy life with her. Troubled and heartbroken, Hamlet observed the dead body of his loved one. Thus, the phrase “pangs of dispriz’d love” or “pangs of despised love” refers to the pain or heartache from badly ended love.
The phrase can also refer to Hamlet’s father’s life that was unfairly taken. When he found out that his father has been killed, he was confused, discouraged, and angry. There were no laws that could punish the murderer. Later, the Ghost visited Hamlet to tell that the one who had assassinated his father was Claudius. He attempted to avenge several times, but every time he thought about the consequences of his actions. Finally, the grief and heart pain took over him, and he killed Claudius. The phrase means that if one’s life is mistreated, then the law does not act on his behalf.