'deoxygenant' originates from the prefix 'de-' (Latin) meaning 'removal' + 'oxygen' (from French 'oxygène', ultimately from Greek 'oxys' meaning 'sharp' and 'genes' meaning 'producer') with the agentive suffix '-ant' (from Latin/French) denoting an agent.

'oxygen' was coined in French as 'oxygène' in the late 18th century (notably by Lavoisier). The combination of the prefix 'de-' with scientific nouns (e.g., deoxygenate) developed in technical chemistry and metallurgy in the 19th–20th centuries; the agent noun 'deoxygenant' arose in industrial and chemical usage to name substances that remove oxygen.

The parts originally signified 'removal of oxygen' and over time this composition has retained the same technical meaning: an agent that removes oxygen.