'balsam' originates from Latin, specifically the word 'balsamum', which Latin had borrowed from Greek 'balsamon' (βάλσαμον); the Greek term ultimately traces back to Semitic sources (for example Hebrew 'בֹּשֶׂם' / 'bosem') meaning 'perfume' or 'spice'.

'balsam' changed from Medieval Latin 'balsamum' and Old French forms (such as 'basme') and eventually became the modern English word 'balsam' via Middle English; the verb sense ('to balsam') developed from the noun meaning 'to anoint or preserve with balsam', and 'balsamed' is the regular past/past-participle form.

Initially, it meant 'a fragrant resin or aromatic substance used as a perfume or medicine'; over time this core meaning remained, while verbal and adjectival uses ('to anoint/preserve with balsam' and 'treated with balsam') developed alongside the noun sense.