The old scientific name for this tree was Botryceras laurinum, which was actually a very good description for the flowering branches of the female tree as botryceras means clustered horns. This refers to the strange, compact, woody branches holding the female flowers and later the seeds. However, the current scientific name is also descriptive in that the generic name Laurophyllus is based on the Latin word lauro and the Greek word phyllus, which translates to laurel leaf, as the leaves are similar to those of the laurel tree known around the Mediterranean sea. The Latin species name capensis means of the Cape, referring to its habitat. Swedish botanist, Carl Thunberg, discovered it in 1772 in the Outeniqua Mountains.

The English and Afrikaans common names, iron martin and ystermartiens, pay tribute to the toughness displayed by the plant in persistently resprouting after veld fires. Filabossie is a corruption of the Afrikaans name vlakbossie, derived from vlakwitels, as the plant often grows in waterlogged flats (vlaktes in Afrikaans). The shape of the leaf is similar to a single leaflet of Platylophus trifoliatus, commonly known as the witels which also grows in the same area.

The family to which this plant belongs is the Anacardiaceae, which is chiefly tropical, although some species occur in Mediterranean climates. It is commonly known as the mango or cashew family which contains about 60 genera and about 600 species altogether. Other well-known members in this family are the pistachio nut, Pistacia vera, and the marula, Sclerocarya birrea.

The genus Laurophyllus is monospecific, i.e. it comprises only one species, capensis. There are other monospecific genera in this family in South Africa including Smodingium argutum (African poison oak/ pynbos), Heeria argentea (rockwood/ kliphout), Harpephyllum caffrum (wild plum) and Loxostylis alata (tierhout).