'ferromagnet' originates from the Latin prefix 'ferro-' (from Latin 'ferrum') meaning 'iron' combined with 'magnet' (from Latin 'magnes', from Greek 'magnēs (lithos)') meaning 'Magnesian stone' or 'magnet'.

'ferromagnet' was coined in English in the late 19th century by combining the prefix 'ferro-' with 'magnet' to denote materials showing strong, iron-like magnetism; 'magnet' itself entered English via Latin 'magnes' from Greek 'magnēs'.

Initially the element indicated 'iron-containing or iron-like magnets,' but over time the term broadened to refer to any material that exhibits ferromagnetism or to magnets made from such materials.