'amulet-bearing' is a compound formed from 'amulet' and the present-participle 'bearing'. 'amulet' originates from Latin, specifically the word 'amuletum', where it referred to 'a small charm or protective object'; 'bearing' derives from the verb 'bear', from Old English 'beran', meaning 'to carry'.

'amulet' passed into English via Old French (amulette) and Middle English as 'amulet'; 'bear' comes from Old English 'beran' and Proto-Germanic '*beraną'. The modern compound 'amulet-bearing' was formed in English by combining these elements to describe someone or something carrying an amulet.

Initially, 'amulet' meant 'a small charm or object used for protection'; this core meaning has been retained. 'bearing' originally meant 'carrying' or 'having', so together the compound has the clear current meaning 'carrying or wearing an amulet'.