The hump is permanent unless you want a rhinoplasty. Genetics play a large part in how the nose will look. Also any trauma can contribute to it.
The dorsal hump is composed of both bone and cartilage, and it will not just disappear on its own. A surgical rhinoplasty involves shaving down the hump and narrowing the bridge line. Anticipate a cast applied across the bridge of the nose for one week, and 2 weeks of visible bruising and swelling after the procedure. For many examples of hump removal rhinoplasty, please see the link and the video below