'axiology' originates from Greek, specifically the word 'axía' (ἀξία), where 'axía' meant 'value' or 'worth', combined with the suffix '-logy' from Greek 'logia' meaning 'study' or 'account'.

'axiology' entered modern scholarly use via New Latin/modern European coinages (e.g. French 'axiologie') in the late 19th to early 20th century and was adopted into English as 'axiology' to name the study of value.

Initially it referred generally to the study or account of 'value' or 'worth'; over time it came to denote the specific philosophical field (value theory) concerned with values, valuation, and value judgments.