'crater' originates from Greek, specifically the word 'krater', where the root meant 'mixing bowl' (a large bowl used to mix wine and water).

'crater' passed into English via Latin and New Latin (scientific usage); the geological sense ('bowl-shaped depression') was adopted in modern geological vocabulary in the 18th–19th centuries. The adjective/verb 'cratered' is formed from this noun plus the English suffix '-ed'.

Initially it meant 'mixing bowl' in ancient Greek, but over time the word came to be used for any large bowl-shaped hollow; in modern English it commonly means a 'bowl-shaped depression' (geological sense) and extended metaphorically to sudden collapse or failure.