downplay
To make something seem less important or serious than it is.
To downplay something means to make it seem less important, serious, or significant than it really is. When a soccer player downplays an injury, she might say “it's just a little sore” even though her ankle is throbbing. When someone downplays their role in a group project's success, they might say “I barely did anything” even though they worked the hardest.
People downplay things for different reasons. Sometimes it's modesty: a talented musician might downplay her skill by saying “I'm still learning” even after years of practice. Sometimes it's to avoid worrying others: parents might downplay financial troubles to keep their children from feeling anxious. Sometimes it's strategy: a coach might downplay his team's chances before a big game to keep players focused and hungry.
The opposite of downplaying is exaggerating or amplifying. If you scraped your knee and said “I nearly died,” you'd be exaggerating. If you said “it's nothing, just a scratch” when it actually needed medical attention, you'd be downplaying it.
You'll often hear people use this word when they think someone isn't being honest about how serious something is: “Don't downplay this, you worked incredibly hard and deserve credit.”