'balloonflower' originates from English, specifically the compound of 'balloon' (from French 'ballon') and 'flower' (from Old French 'flor'/'fleur').

'balloon' changed from Italian 'ballone' to French 'ballon' and eventually became the English 'balloon'. 'flower' evolved from Latin 'flos' (gen. 'floris') to Old French 'flor'/'fleur', then to Middle English 'flour' and finally modern English 'flower'. The compound 'balloonflower' was formed in English to describe a flower with balloon-like buds and became the common name for Platycodon grandiflorus.

Initially it described a 'flower with balloon-like buds'; over time that descriptive phrase became the established common name for the species Platycodon grandiflorus.