'axes' has two primary lineages: as the plural of 'axis' it ultimately comes from Latin 'axis' meaning 'axle' or 'line'; as a form of the verb/noun 'axe' it derives from Old English 'æx' (also spelled 'æxan' for the verb), a Germanic word for the cutting tool.

The Latin word 'axis' passed into Middle English via Old French and maintained a meaning related to 'axle' and 'central line', becoming the modern English 'axis' whose plural is 'axes'. Separately, the Old English 'æx' (from Proto-Germanic *akwaz) gave modern English 'axe' (also spelled 'ax' in US), with verb forms (e.g., 'axed', 'axes') formed in Middle English.

For 'axis' the core idea of a central line or axle has remained stable and is now used in geometry and mechanics; for 'axe' the basic meaning of a cutting tool has also largely remained, while the verb sense extended metaphorically to mean 'to cut/cancel' (e.g., to axe a program).