Is it possible for an ovarian cyst to leak watery discharge? how long does it take for an ovarian cyst to disappear?

Depends: Ovarian cysts are fluid filled sacs close to the ovaries. Some contain watery fluid while others can contain blood/debris. Most small cysts disappear within a short period of time; however, the larger the cyst, the more likely it is to persist and potentially cause problems. You should be evaluated by your doctor, who can perform an ultrasound to better counsel you based on its appearance.